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Bengaluru: In a significant relief to Embassy Developments Limited, the Karnataka High Court has ruled in favor of the Bengaluru-based real estate firm, lifting a major regulatory roadblock over its premium tech park project. The ruling, passed on May 12, allows Embassy East Business Park Limited (EEBPL), a subsidiary of the company, to retain possession of the Kadugodi Industrial Area Land.
The land, measuring more than 78 acres, was being developed by EEBPL for a technology park in East Bengaluru. This development is the second positive legal achievement for the company, after the National Company Law Appellate Tribunal (NCLAT) quashed insolvency proceedings against the Embassy group on May 4.
A formal signed copy from the Karnataka High Court is awaited. The company has made all the relevant disclosures in line with the regulatory requirements.
“The Karnataka High Court’s order is an important affirmation of EEBPL’s lawful rights over land that has long been central to our East Bengaluru development plans. This is an important victory for the Company and we are pleased that, with this order, we can continue to develop the land. During this challenging time, we remained steadfast in our commitment to transparency, governance and compliance.” Mr. Aditya Virwani, Managing Director, Embassy Developments Limited, said in a press release.
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