Hyderabad: The TS Industrial and Infrastructure Corporation (TSIIC) got big relief on Monday as the Telangana High Court partly allowed the writ appeal filed by it, challenging the interest slapped on it in the case of refunding money to the Delhi-based real estate company Unitech Ltd in 2007. This was taken by the APIIC in the united AP for land allotment to the company for development of a township.
A division bench comprising Chief Justice Thottathil B. Radhakrishnan and Justice A. Rajashekher Reddy directed TS to refund the principal amount of Rs 165 crore. It also said that the interest need not be paid from 2007 and can be paid from the date on which the SC declared that the state has no title on the land. The bench was passing this order in an appeal filed by the TS government against an order of a single judge who directed government and TSIIC in October 2018 to pay dues to the company of Rs 660.55 crore including interest from 2007 on a principal amount of Rs 165 crore in four weeks.
The case was that in September 2007, the APIIC invited bids for an integrated township and Multi-Services Aerospace Park on 350 acres in Saroornagar mandal of Ranga Reddy district. A title dispute raised by some private parties went up to the Supreme Court which finally in 2015, it ruled that state government had nothing to do with the said 350 acres.
In the meantime, the state was bifurcated, and the real estate company moved both Telangana and AP states to refund their money with interest. None of the two governments responded to its pleas. Unitech then approached the High Court of Hyderabad in 2018.
