Jai Corp claims 510 crore from promoters of city-based realty developer

Jai Corp claims 510 crore from promoters of city-based realty developer
10/07/2019 , by , in News/Views

Two entities linked to Jai Corp, promoted by Anand Jain of Reliance Industries, have claimed Rs 510 crore from the promoters of the city-based realty developer Everest Group for their alleged failure in developing a project in the megapolis.

The Jai Corp entities came out with a public statement detailing how projects went into arbitration and claimed that Everest group promoters– Kishor Shah, Vimal Shah and Nainesh Shah–are yet to pay the sums awarded to them by an arbitration tribunal earlier this year. Also read http://realtyplusmag.com/over-300-projects-in-mumbai-stuck-for-defence-nod/

The payments were to be made by June 7, 2019 but did not take place, as per the public notice, issued by Urban Infrastructure Venture Capital Fund and Urban Infrastructure Real Estate Fund.

The public notice said first instance involves a payment of Rs 275 crore with regard to the development of the erstwhile Bradbury Mills Property at Mahalaxmi in central Mumbai, where a panel consisting of a former CJI had on May 4 directed the Everest group promoters to pay Rs 275 crore by June 6.

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