New Delhi, September 17: The Delhi High Court on Wednesday restrained Ajnara India and its subsidiary Adonis Buildtech from creating any further third-party interests in its project Times Square and the land measuring 7486 sq. mts. (approx.) in Noida on which the project was to come up. Further Ajnara India and its subsidiary have been asked by the Court to explain why they should not be directed to secure an amount of Rs. 50.51 Crores (approx.) that is admittedly owed to RR Buildtown, The Economic Times reported. 

The directions were passed on a petition filed by RR Buildtown. 

Advocate Vijay Aggarwal, counsel for RR Buildtown, argued that Ajnara India had taken approximately Rs. 34 Crores from RR Buildtown to co-develop the land in Noida commercially in 2015. 

The project called Times Square was to be a major commercial hub. However, despite taking monies from RR Buildtown, Ajnara India did not start any work on Times Square, Aggarwal contended. 

Elaborating, he added that eventually Ajnara offered to pay RR Buildtown’s monies back to it in 2018. However, Ajnara only paid about Rs. 14.15 Crores in 2018 and defaulted on the balance payments even stopping payment on two cheques of Rs. 5 Crores each issued by its subsidiary. 

Aggarwal averred that the most “shocking” aspect of the case was that Ajnara India had mortgaged the Times Square land to PNB Housing Finance NSE -0.48 % for a loan of Rs. 45 Crores even though the market value of the land was Rs. 140 Crores (approx.). 

He added that the said loan was taken “without the consent” of RR Buildtown even though it owned 45% equity in the SPV with Ajnara India and had two directors on the special purpose vehicle (SPV’s) board. 

As such PNB Housing Finance could not have granted the loan itself. Moreover, when the Rs. 45 Crores was disbursed by PNB Housing Finance, only Rs. 10 Crores was kept in the SPV which owned the Times Square land and Rs. 35 Crores were given to Ajnara India for its own benefit, Aggarwal added. 

Counsel appearing on behalf of Ajnara’s subsidiary Adonis Buildtech informed the Court that the land in question has not been “encumbered or alienated any further” and undertook to maintain status quo till further Court orders. 

Recording the undertaking, the Court restrained Ajnara India and Adonis Buildtech from creating any further third-party interests in the Times Square land and asked them to explain why the admitted amounts should not be secured. 

The petition filed by R R Buildtown alleges that forged and fabricated records of M/s Adonis Buildtech Private Limited are created by Ajnara and its directors, “as is clear from the fact that mandatory consent of not less than 95% of the shareholders is not obtained, minutes book is prepared showing that consent was obtained and RR Buildtown is shown as present in the AGM whereas RR Buildtown was not present in the said AGM”. 

Asking the respondents to file their responses, the Court has adjourned the matter to November 6.

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