HC directs commercial court to settle HCA, Visaka tussle within four weeks

Hyderabad: The Hyderabad Cricket Association (HCA) on Thursday submitted to the Telangana High Court that it need not make an interim payment, at present, to Visaka Industries for the Uppal Stadium development, given the stay orders issued by a commercial court in Rangareddy.

Following HCA’s submission on Thursday, the High Court directed the Rangareddy commercial court to finalise the Uppal Stadium development agreement tussle within four weeks.

The response was regarding a High Court order on September 29, unfreezing accounts and properties of the HCA, directing it to deposit Rs 17.5 crore to the account of Visaka Industries as the first installment. The properties and accounts had been attacked over a tussle between the HCA and the company.

On October 16, 2004, both HCA and Visaka Industries entered into an agreement, under which Visaka was entrusted with the task of developing the Uppal Stadium, for which the HCA owed the company Rs 40 crore. As payment was not made, Visaka Industries took legal action, causing HCA properties to be attached