A single-judge bench of the Bombay High Court has given the go ahead on a petition filed by Tata Capital to wind up Hiranandani Palace Gardens, a unit of Niranjan Hiranandani’s real-estate empire that was accused of defaulting on a loan by the lender.
The developer has challenged the recent ruling before a division bench of the same court, which has scheduled the matter for hearing on March 31.
Tata Capital had approached the court in Rs 76-crore loan it claimed it 2013 to recover a gave the developer. In his order, Justice SJ Kathawala said “the official liquidator shall adjudicate the claim of the petitioner within a period of six months from the date of receipt of claim from the petitioner”.
Vikram Trivedi, managing partner of Tata Capital’s law firm Manilal Kher Ambalal & Co, confirmed the matter, but didn’t comment further. Niranjan Hiranandani declined to comment. Hi ..
ranandani Palace’s legal representative, Vivek Vashi of Bharucha & Partners, said the matter was sub ju-dice and refused to say anything more.
Hiranandani Palace has two township projects, in Chennai and Panvel near Mumbai. The company was originally promoted by the Hiranandani group, before it became a unit of UK-listed Hirco.