MUMBAI: Bombay high court refused to restrain the Slum Rehabilitation Authority (SRA) from acquiring land owned by a builder facing insolvency and bankruptcy proceedings.
The slum rehab project on the plot in suburban Mumbai has not taken off for 16 years the HC and said Insolvency law is not meant to be a golden parachute to defeat the socio-welfare provisions of the Slum Act.
Rajan Garg, a resolution profession, appointed by NCLT for Truly Creative Developers Pvt Ltd had moved the HC to stop SRA for continuing with its acquisition process. Garg’s petition is a “complete abuse” of the judicial process, division bench of Justices Gautam Patel and Kamal Katha said on April 3.
What the RP has also missed out said the HC is mentioning how the land can be used to rehouse the slum dwellers for whose benefit the builder got project permissions to begin with.
