SC directs Industrial Devt Corporation for refund over Rs 256 Cr to 7 parties by this Oct

The Council of Ministers directed  Goa-IDC may work out modalities to raise finances in order to meet the financial liabilities arising out of this settlement.

By Rohit Sharma

NEW DELHI

The Supreme Court of India on July 31, 2018, directed the Industrial Development Corporation (IDC) to make a refund of over Rs 256 crores to 7 parties with expeditiously and at any rate, within a period of three months from July 31.

In a Civil appeal filed with Supreme Court, K. Raheja Corporation Pvt. Ltd. & ANR. (Appellants) versus Franky Monteiro & Ors. with 7 other parties. The appeal was regarding allotment of land in the Special Economic Zone (SEZ).

A.N.S. Nadkarni, learned Additional Solicitor General, has made available a copy of the Government Order dated July 30, 2018. The instruction shows that the Government has taken a decision to take back the lands involved in all these cases and refund the amounts paid by the parties along with interest, a bench of justice read.

According to a bench, the Government Order is taken on record, which reads as follows:-

“I am directed to refer to your Note dated 27/04/2018 on the above-mentioned subject and to inform you that in the XXXIIIrd Cabinet Meeting held on 27/07/2018, the Council of Ministers resolved to approve the proposal of Goa Industrial Development Corporation (Goa-IDC) to take back all the lands admeasuring 3840886 m2 allotted to 07 parties for setting up Special Economic Zone (SEZ) and refund the amount paid by SEZ parties along with interest, earned on such amounts paid by the parties amounting to Rs. 256,56,90,593/-. The Council of Ministers further directed that Goa-IDC may work out modalities to raise finances in order to meet the financial liabilities arising out of this settlement. You are, therefore, requested to initiate appropriate action in the matter. The action taken in this regard may kindly be intimated to this Department for appraisal of the Government.”

Judge Kurian Joseph and Judge Sanjay Kishan Kaul of SC, noticed and said, “Therefore, these appeals are disposed of in terms of the Government Order. We direct the Industrial Development Corporation (IDC) to make the refund expeditiously and at any rate, within a period of three months from today.”

 

 





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