The project, which is being developed by Godrej Properties Limited (GPL) in collaboration with Orris Infrastructure Private Limited (OIPL), is spread over 10-acre land and has 500 units in five towers.
GURUGRAM: The court of additional district judge has ordered to freeze 16 bank accounts of Godrej Air residential housing project in Sector 85 after Orris Infrastructure filed a petition alleging siphoning of funds by its joint venture (JV) partner Godrej Properties
The project, which is being developed by Godrej Properties Limited (GPL) in collaboration with Orris Infrastructure Private Limited (OIL), is spread over 10-acre land and has 500 units in five towers. The deadline of the project, which was launched in 2019 with proposed possession in 2023, is likely to be delayed due to legal tussle between the JV partners. (INFORMATIONS ONLY)
Orris Infrastructure had approached the court of additional district judge-cum-presiding judge of the exclusive commercial court in the city on December 14 and filed a petition under Section $ of the Arbitration and Conciliation Act. In the petition, Orris Infrastructure has prayed that its joint venture partner Godrej Properties is not sharing revenue details and is siphoning of funds after selling 98% of the units. .(CIRCLE RATE OF UP)
Orris Infrastructure, in its petition, also contended that being in a dominating position, GPL has completely refused to cooperate and is siphoning off the funds and causing huge loss to it.
A spokesperson for Godrej Properties said, “We have not been served a notice in this case, instead an ex-parte order has been granted by the court without giving us an opportunity to present our case. The accounts that have been frozen are only to the extent of 12.6% ie. the share of Orris Infrastructure in the project. We are discussing the future course of action within the legal framework and will appropriately file our response before the court»
When contacted, an Orris Infrastructure spokesperson said, “Godrej executed the project in an unprofessional manner and committed breach of trust leading to an irreparable loss for its partner OIPL. The matter at present is subjudice. We have full faith that law will take its own course.