Township project allotted to DB Realty’s joint venture company stands cancelled after Pimpri Chinchwad New Town Development Authority (PCNTDA) terminated the bidding process for selecting a developer.
The joint venture partners and the special purpose vehicle (SPV) had from time to time complied with the conditions of the said LOA and deposited the upfront payment with PCNTDA and also bank guarantee was provided / renewed from time to time. The SPV was awaiting the consent of PNCTDA for execution of the development agreement.
The monies refunded have been collected in favour of respective constituents of JV, without prejudice to the rights of JV to all their claims, contentions for losses, etc.
