Lodha Developers subsidiary G Corp Homes Private Limited has announced its decision to challenge a ruling by the Karnataka Real Estate Regulatory Authority (RERA) Appellate Tribunal. The company received an order directing the Karnataka RERA to seek further compliance from G Corp regarding a development project in Bengaluru.

Background and Acquisition Details

Lodha Developers acquired a 100% stake in G Corp Homes Private Limited in June 2022 for the development of remaining phases of a project in Bengaluru. The company launched the said phases after obtaining all necessary approvals from concerned authorities, including RERA.

RERA Compliance History

Initially, RERA authorities had upheld G Corp's compliances and rejected a complaint filed in relation to the development project. However, the Karnataka Real Estate Appellate Tribunal has now passed an order directing the Karnataka RERA to seek further compliance from G Corp.

Legal Challenge Strategy

G Corp Homes intends to challenge the appellate tribunal's order before the appropriate forum. The company has expressed confidence in obtaining suitable remedies against the order and remains optimistic about achieving a favorable outcome in the legal proceedings.

Regulatory Disclosure

Lodha Developers has informed stock exchanges about this development under Regulation 30 of the SEBI Listing Regulations. The company continues to maintain transparency with stakeholders regarding significant developments affecting its subsidiaries and project operations.

In a significant development for Lodha Developers Limited (LDL), the Supreme Court of India has issued an order favoring the real estate company in its ongoing case involving V Hotels Limited (VHL). The apex court's decision marks a crucial turning point in the resolution process of VHL.

Key Highlights of the Supreme Court Order

• Refund Amount: The Supreme Court has ordered the restitution of ₹520.80 crore to Lodha Developers Limited.
• Additional Benefit: The refund will include accrued interest on the deposited amount.
• Original Purpose: This sum was initially deposited by LDL as security against claims on V Hotels Limited.
• Affirmation of Status: The order confirms Lodha Developers' position as a successful Resolution Applicant for VHL.

Implications of the Court's Decision

1. Removal of ED's Rights: The Enforcement Directorate (ED) will no longer have any rights or lien against V Hotels' properties.
2. Legitimacy of Interest: The court has recognized LDL's legitimate interest in VHL's property.
3. Resolution Process: This decision may streamline the resolution process for V Hotels Limited.

Financial Context

To provide context on Lodha Developers' financial position, here's a snapshot of key financial metrics based on their recent consolidated balance sheet:

Conclusion

This Supreme Court order represents a significant development for Lodha Developers Limited in its dealings with V Hotels Limited. The refund of ₹520.80 crore, along with accrued interest, not only affects LDL's financial position but also validates its role in the resolution process of VHL. As the real estate sector continues to evolve, this decision may have implications for similar cases in the future, potentially influencing the landscape of corporate resolutions and property disputes in India.