Ajnara Group Restrained From Creating Third Party Interest – Advocate Vijay Aggarwal Commented

The Delhi High Court has controlled Ajnara Group from making any further outsider premiums in its venture Times Square, after the charge of cheating RR Buildtech by selling the last's property to a bank.

A seat of Justice C Hari Shankar, in a between time request on Thursday, controlled Ajnara India and its auxiliary from making any further outsider interests in its undertaking Times Square and the land admeasuring 7,486 square meters in Noida on which the venture was to come up.

Further, Ajnara India and its auxiliary were asked to clarify for what valid reason they ought not be coordinated to make sure about a measure of around Rs 50.51 crores that is as a matter of fact owed to RR Buildtown.

Vijay Aggarwal Advocate, showing up for RR Buildtown, presented that Ajnara India had taken around Rs 34 crores from RR Buildtown to co-build up the land in Noida financially in the year 2015.

The task called Times Square was to be a significant business center, however, regardless of taking cash from RR Buildtown, Ajnara India didn't begin any chip away at the undertaking.

Advocate Vijay Aggarwal likewise called attention to that Ajnara India had sold the Times Squad land to Punjab National Bank Housing Finance for an advance of Rs 45 crores despite the fact that the market estimation of the land was around Rs 140 crores.

Further, this advance was taken without the assent of RR Buildtown despite the fact that it possessed 45 percent value in the SPV with Ajnara India and had two chiefs on the SPV's board, the attorney said including that as such the bank couldn't give the advance itself.

The supplication fought that Ajnara India and its auxiliary were each other's modify sense of self to such an extent that their enlisted addresses and email IDs were additionally the equivalent and this was a fit case for the lifting of the corporate cloak.

"Besides, when the Rs 45 crores were dispensed by the Punjab National Bank Housing Finance, just Rs 10 crores was kept in the SPV which possessed the Times Square land and Rs 35 crores were given to Ajnara India for its own advantage," the request said.

It said that taking into account Ajnara's problematic budgetary situation just as its default in compliances in all cases, they may even default on their credits taken from the bank and put the property of RR Buildtown itself in danger of abandonment.