DELHI HIGH COURT STAYS FRESH BIDS FOR NATIONAL TEXTILE CORPORATION PLOT

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THE Lodha Group has received an interim stay order from the Delhi High Court on any fresh bidding for National Textile Corporation’s defunct Finlay Mill after the Mumbai-based developer failed to bag the 10-odd acre property despite emerging the highest bidder.

   A Lodha Group executive confirmed the development. “We are aware of the Delhi High Court order. Since we have not studied the order yet, its not wise to comment on it,” said an NTC official.

   Lodha Group had filed a petition in the Delhi High Court in August when NTC rejected its Rs 708-crore bid to acquire the Finlay Mill land in Parel in central Mumbai. It emerged the winning bidder in July, beating Indiabulls, by offering Rs 657 crore for the prime land in Parel. It later revised its bid by another Rs 51 crore to match the base price set by NTC. However, the asset sales committee of NTC had not approved Lodha Group’s bid as it felt that there was still scope to get a better price for the defunct mill.

   Now, NTC will not be able to invite any fresh bid till the final order of the Delhi High Court. However, it is free to put its 16-acre Kohinoor Mill-1 land on the block.

   Last year, DB Realty had failed to get a favourable court order after NTC rejected its bid to acquire the Finlay Mill land for Rs 450 crore, far lower than the minimum reserve price of Rs 1,000 crore. After that, Chennaibased Christy Textile Products made an abortive attempt to acquire the land. Lodha’s bid came subsequently.

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