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Delhi HC issues notice to OPG Power Generation Pvt Ltd in land deal with IFCI Ltd

The petitioner said OPG Power Generation Pvt Ltd had bought land measuring 99.97 acres, situated at Bisalahalli and Haddinagundu, Karnataka from IFCI Ltd, which was already forfeited by the Karnataka government.

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The Delhi High Court on Wednesday issued notice to OPG Power Generation Private Limited in a writ petition filed by IFCI Ltd, regarding purchase of land in Karnataka.

The bench of Chief Justice D.N. Patel heard the matter. The petitioner said OPG Power Generation Pvt Ltd had bought land measuring 99.97 acres, situated at Bisalahalli and Haddinagundu, Karnataka from IFCI Ltd, which was already forfeited by the Karnataka government.

IFCI Ltd said that in 1997, they had given three loans of Rs 484.83 crore to one Bellary Steels and Alloys Ltd (BSAL), and in lieu of the loan, BSAL had kept 99.97 acres of their land as mortgage with IFCI ltd.

Thereafter, in the same year, the Karnataka Government forfeited the said land under the provisions of Section 79-C of the Karnataka Land Reforms Act, 1961 on the ground that BSAL had acquired the said land (purportedly agricultural in nature), in violation of the terms of the aforesaid Act.

The IFCI Ltd alleged that it didn’t knew about the forfeiture of the said land by the Karnataka Government. Therefore, they decided to auction the said land after giving Notice under Section 13(2) of the SARFAESI Act.

In 2011, OPG Power Generation Pvt Ltd’s bid of Rs 64.90 crore for the said land was accepted by IFCI Ltd and a sale certificate was also issued in the favour of purchaser- OPG Power Generation Pvt Ltd. In 2014, OPG Power Generation Pvt Ltd became aware of the alleged vesting of the land in favour of the Karnataka government.

In 2015, they filed a Writ petition in the Delhi High Court, seeking quashing of auction sale and refund of sale consideration of Rs 64. 90 crore from the IFCL ltd. Then, the Delhi High Court relegated the OPG Power Generation Pvt Ltd to its statutory remedy under Section 17 of the SARFAESI Act and asked them to approach the Debt Recovery Tribunal.

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Now, the IFCI has filed a writ petition, challenging Para 21 of the judgement of the Delhi High Court, where the single Judge has said, “DRT ought to consider the OPG Power Generation Pvt Ltd application on merits, uninfluenced by any question of delay…”. The matter will be next taken up for hearing in July. 

Source: ILNS

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