United Bank To Sell Zoom Assets
Dec 19 12
United Bank of India is planning to sell the assets it forfeited from Zoom Developers Pvt. Ltd. for recovery of loans exceeding IINR 30 billion, on behalf of 25 banks, a United Bank official told NewsWire18. The assets on sale include two properties in Mumbai, one in Raigad district, and five properties in Indore. The United Bank official said that the assets on sale have a reserve price of INR 738.8 million. United Bank also hopes to recover interest and other expenses from the sale of assets.
High Court Stays Order to Terminate Lease Deed Between Zoom Developers Pvt. Ltd. and Kerala Industrial Infrastructure Development Corp
Jul 19 12
The Kerala High Court has stayed an order to terminate the lease deed executed between Zoom Developers Pvt. Ltd. and the Kerala Industrial Infrastructure Development Corp. with regard to 40 acres of land in Thrikkakara north village. Justice T R Ramachandran Nair passed the order on a petition filed by Zoom Developers challenging the order. The petitioner submitted that Zoom was selected after evaluating tenders received from various entrepreneurs and was granted a lease for a period of 90 years. On October 27, 2006, a tripartite agreement was executed between the KINFRA, the petitioner and the State Bank of India, Overseas Branch, to enable the bank, to grant financial assistance against a security of first mortgage and charge on its lease hold rights. Later, the petitioner was informed that a decision was taken by the KINFRA to terminate the lease deed with effect from June 30, 2012, and the land shall be returned to KINFRA. The petitioner was also asked to remove all buildings and fixtures, within three months from the date of termination. Immediately on receipt of notice, the company submitted a detailed reply requesting to reconsider the matter, afresh. It was submitted that before issuing the termination notice, the petitioner was not given an opportunity to be heard. So the action of the KINFRA in terminating the lease deed, was without following the procedure prescribed as per tripartite agreement. A written request was submitted by the petitioner before the state government as well as the KINFRA seeking extension of time. However, no decision was taken, the petitioner submitted.