Indiabulls Industrial Infrastructure Limited (IIIL), a subsidiary of Indiabulls Real Estate Limited, received a vacation order from the Maharashtra Industrial Development Corporation (MIDC). IIIL was issued the vacation order for a plot in the Nashik Special Economic Zone (SEZ).
MIDC has asked the company to vacate 512.068 hectares of land within a month in Sinnar, in Nashik district, Maharashtra.
The company states that the order is unlawful and is evaluating legal options to defend itself against the order. The company said in a BSE filing, “The company believes this order to be unlawful and is evaluating legal options to defend itself or seek redressal against the said unlawful order, including filing an appeal before appropriate authorities or court(s), and shall take all desirable actions in the matter.”
IIIL was expecting a favourable order in the hearing and was in the process of planning and conducting further development on the land.
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