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Gurugram: Court of Additional District Judge has ordered freezing of 16 bank accounts Godrej Air After Residential Housing Project in Sector 85 Auris Infrastructure filed a petition alleging misappropriation of funds by its joint venture (JV) partner Godrej Properties.
project that is being developed Godrej Properties Limited (GPL) in association with Oris Infrastructure Private Limited (OIPL), is spread over 10 acres of land and has 500 units in five towers. The timeline 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.
Oris Infrastructure had on December 14 approached the court of Additional District Judge-cum-Presiding Judge of the city’s special commercial court and filed a petition under Section 9. Arbitration and Conciliation Act, In the petition, Oris Infrastructure has prayed that its joint venture partner Godrej Properties is not sharing revenue details and misappropriating funds after selling 98% of the units.
Oris Infrastructure, in its petition, also argued that being in a dominant position, GPL has completely refused to cooperate and is misappropriating funds and is causing huge loss to it.
A spokesperson for Godrej Properties said, “We have not been served notice in this matter, rather the court has passed the order ex parte without giving us an opportunity to present our case. The accounts that have been frozen are only to the extent of 12.6%, ie Oris Infrastructure’s stake in the project. We are discussing the future course of action within the legal framework and will file our reply before the court as appropriate.
When contacted, a spokesperson for Oris Infrastructure said, “Godrej executed the project in an unprofessional manner and committed breach of trust causing an irreparable loss to its partner OIPL. The matter is currently sub-judice. We are confident that the law Will do his work.
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