WORLDLINK FINANCE LTD Vs. REGENCY INDUSTRIES LTD

JUDGEMENT

(1.) MR . K.K. Rai, learned Senior counsel appearing for the Ghaziabad Development Authority ('GDA') refers to the counter affidavit dated 2nd November 2012 filed by the GDA, in which in para 18, it states as under:

(2.) IN a reply the above counter affidavit of the GDA, the propounders of Scheme, Mr. Vinod Pal Singh and Deep Sons, point out that there were earlier two affidavits filed by the GDA, on 5th February 2007 and 27th June 2008, wherein GDA informed the Court that it had no objection to the property in question, Plot No. 12, Vaishali Yojna, being sold by way of public auction as long as the outstanding dues of the GDA are repaid together with penal interest @ 18% per annum till the actual date of payment. The reply affidavit also refers to the letter dated 29th March 1991 written by GDA to the Allahabad Bank conveying it no objection to mortgaging of rights and interest of the plot in favour of the Allahabad Bank "provided the total amount of the premium together with interest thereon, if any and 10% of the premium as lease rent of the plot for 90 years is paid to the authority."

(3.) MR . Vibhu Bakhru, learned Senior counsel appearing for the propounders, states that the payment will now be paid to the GDA of the outstanding amount together with 18% as panel interest within a period of two weeks.