Gurugram. The troubles of M3M owner, who is in jail in a money laundering case, are not showing any signs of ending. The builder management has received a setback from the district court.
The company’s petition filed by HSVP against the Rs 123 crore seized from M3M has been rejected by the court. This order has been given by the court of Mahavir Singh Additional District Judge cum Presiding Judge of Special Commercial Court. When M3M company did not pay Rs 371 crore to HSVP on time, the department canceled the allotment and confiscated Rs 123 crore.
Advocate Vivek Verma, appearing on behalf of HSVP, said that Haryana Urban Development Authority (HSVP) had given advertisement for e-auction for 3.54 acres commercial in Sector-43 on March 28, 2022. E-auction was conducted by the department on March 31. In this, M3M’s Lekh Buildtech company had bid Rs 495 crore.
The company had already deposited 10 percent of the amount before the e-auction. After this the company deposited 15 percent amount and made a total of Rs 123. Rs 77 crores were deposited. The agreement was signed between HSVP and the company on 19 May 2023. Letter of Intent was issued to the company. The agreement between the two stipulated that if the company did not deposit Rs 371 crore (75 percent) of the land within 120 days of the agreement, then their allotment would be cancelled.
The company did not pay the amount for 123 days. After this, the department was given 30 days time to pay the amount. Despite this, the money was not deposited by the company. On October 15, 2022, due to the rules set by the department, the allotment was canceled and Rs 123 crore of the company was confiscated.
After this, on 19 November 2022, a petition was filed in the court on behalf of M3M’s company Lekh Buildtech, arguing that the commercial land (3. 54 acres) and the amount was to be deposited under the new e-auction of 2022. Under the new policy, they can pay the amount in three years (twice every year) so that their allotment is not cancelled.
HSVP’s advocate Vivek Verma opposed the company’s argument and said that the company was not auctioned under the new policy. Under the agreement between the department and the company, the company had to deposit Rs 371 crore within 120 days. But he did not get it done. Along with this, a petition was filed in the court a month after the allotment was cancelled. The court has upheld the decision of Rs 123 crore seized by HSVP and rejected the company’s petition. Dialogue
