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|SC gives the nod for international stadium in Hyderabad|
Friday, March 12 2004 16:44 Hrs (IST)
After recording an undertaking that the rights of the parties to the dispute over the land mortgaged by Penguin Textiles to Indian Bank would not be in any manner affected by the agreement reached between HCA and Indian Bank, a three-judge Bench headed by Chief Justice V N Khare vacated the stay it had granted on February 16.
Counsel for HCA, Harish Salve said the cricket association has agreed to settle the payments with the nationalised bank and requested the court to allow resumption of construction activity for the building of the international stadium, sixty per cent of which has been completed so far.
The stay was granted in favour of Indian Bank which had moved the Court alleging that the stadium could not be built at Uppal Mandal area in Hyderabad as the land was in its possession after being mortgaged by Penguin Textiles Ltd, which owed money to it.
The State Government had taken over the land and given a portion of it to the HCA for construction of the stadium.
The Bank had approached the Supreme Court against the compromise order passed by the High Court of Andhra Pradesh saying though the land was mortgaged to it by the debtor, it was not made a party to the compromise worked out between the parties.
SC refuses to vacate stay on stadium