PARSVNATH DEVELOPERS LIMITED Vs. RAIL LAND DEVELOPMENT

JUDGEMENT

(1.) THE entire controversy in the above captioned two writ petitions centers around floating of 'Special Purpose Vehicle' (SPV) for implementation of the project, i.e., GRANT OF LEASE FOR DEVELOPMENT OF PLOT (INCLUDING RE-DEVELOPMENT OF EXISTING RAILWAY COLONY) AT SARAI ROHILLA-KISHAN GANJ, DELHI. With the consent of learned senior counsel for the parties, the above captioned writ petitions were heard together on the question of their maintainability and are being dealt with by this common order, as the parties in the above captioned two writ petitions are the same and because subject matter of these two petitions is identical.

(2.) IN November, 2010, petitioner's bid being the highest in respect of aforesaid project was accepted by the respondent. As per Request for Proposal (RFP) of 18th October, 2010, petitioner as highest bidder had to incorporate a Special Purpose Vehicle under the Companies Act, 1956 for implementation of the project in question. On 7th February, 2011, respondent had accepted petitioner's request to accord consent to use an existing company, i.e, M/s. Parsvnath Promoters & Developers Pvt. Ltd. (PPDPL) as Special Purpose Vehicle for entering into a Development Agreement to implement the project in question.

(3.) PETITIONER asserts that to mitigate the arduous situation and in the interest of the project, but without prejudice to its stand in the above captioned first writ petition, a new company namely, M/s. Parsvnath Rail Land Project Pvt. Ltd. (henceforth referred to as 'PRLPPL') was offered as Special Purpose Vehicle seeking extension of timelines by treating the period of delay in signing the Development Agreement as 'zero period' in the above captioned second writ petition.