India’s top court orders MMRDA to lodge 646 crore in RIL case

what happened

Newsmetry API reports that India’s Supreme Court has instructed the Mumbai Metropolitan Region Development Authority (MMRDA) to place 646 crore with the court by November 6. The order relates to a dispute with Reliance Industries (RIL) over construction delays involving a convention and exhibition centre and a commercial complex at Mumbai’s Bandra-Kurla Complex (BKC).

RIL had already paid the same sum under protest, treating it as an additional premium and penalty over the alleged late completion of built-up space on BKC land owned by MMRDA. A bench of Justices Dipankar Datta and Sheel Nagu issued notice to RIL while hearing several MMRDA appeals against an April Bombay High Court ruling. That judgment had required MMRDA to return 646 crore to Mukesh Ambani’s company within 90 days.

why it matters

The dispute concerns a potential transfer of funds between MMRDA and Reliance Industries. Market attention is likely to remain on the appeals process and any financial effect of the court’s directions.

instruments