On Wednesday, Supreme Court instructed the veteran actor Dilip Kumar to submit 20 crores to a real estate firm to get back his land. Court restored possession of the said land which is of 2,412 square yards. It is located in Bandra in Mumbai.
The actor had entered into an agreement with Prajita Developers Pvt Ltd for developing his property, measuring 2,412 square yards.
Later, the dispute arose as no construction was raised and the actor wanted the plot to be returned whose possession was with the firm. A bench presided over by Justice J Chelameswar asked the actor to deposit the amount in the form of a demand draft within four weeks and inform the firm.
The hearing was headed by a bench of Justices J Chelameshwar and S Abdul Nazeer. They turned down the plea of Prajita Developers Pvt Ltd for enforcement of the agreement. They appointed its former judge Justice P Venkatarama Reddy as an arbitrator to examine the situation.[ecp code=”4″]
Members of the bench had a conversation with TOI. They said, “We do not also see any justification for the demand of the Prajita for the specific performance of the agreement. In the circumstances of the case, we are of the opinion that permitting the continuance of the suit for specific performance of the agreement which is more than a decade old against a person from whom Prajita secured the development rights of the property in dispute which ultimately would enable Prajita to 25 per cent of the monetary value of the development potential as against the right of the appellant who is entitled for 75 per cent of the monetary value of the development potential would be unjust,”
It has been said that the firm promised to complete the construction within two years but nothing was done. After this, the actor approached the court to get his property back. He had also received of Rs 8.5 crores approximately from the company in interest. To get the back the possession of the land, the actor has to pay Rs 20 crores to the firm.
“The background of the facts and circumstances of the case whether Prajita would be entitled to any damages apart from receiving the above-mentioned amount of Rs. 20 crores is a matter which requires some examination. We, therefore, deem it appropriate to refer the said question for resolution by arbitration between him and Prajita. We, therefore, direct that the parties shall submit the above-mentioned dispute for arbitration by Justice P Venkatarama Reddy, former Judge of this Court in accordance with law,” a statement said.