Gurugram Court Restricts Property Transactions Involving M3M Capital Project Amid Legal Dispute

9/18/2023 2:45:31 PM

(MENAFN- IANS) Gurugram, Sep 18 (IANS) A Gurugram court has directed MGF Developments Ltd and Cosmo Propbuild Pvt Ltd not to alienate, create third party interest, or carry construction with respect to a property spanning 31.0625 acres in Gurugram.

Civil Judge Manoj Kumar Rana had listed the matter for further hearing on September 25.

According to MGF Developments Ltd, the subject property is associated for ongoing projects "M3M Capital" and "M3M Capital Phase-II," as well as "Smartworld one DXP” and "Smartworld one DXP street” all located in Sector 113, Gurugram.

Promoters of M3M India Pvt. Ltd., namely Basant Bansal, Roop Kumar Bansal, and Pankaj Bansal, are in custody due to cases involving the Enforcement Directorate and other legal matters.

This legal case also involves Vibrant Infratech, a subsidiary of M3M, which holds a license for the mentioned land. Moreover, this land is a part of the license associated with Union Buildmart, the M3M Capital project in Sector 113.

MGF has alleged that subsidiaries of M3M India Pvt. Ltd. had failed to fulfill their financial obligations related to the land, as specified in the decree issued in the civil suits of 2016. Varilegal agreements were executed between the parties as part of this transaction. However, since M3M India Pvt Ltd, through its subsidiaries, failed to honor the post-dated cheques, all these agreements were deemed cancelled and terminated.

MGF alleged that even after the termination of these agreements, M3M India Pvt. Ltd., through its subsidiaries, attempted to obtain development licenses for the Chauma Land in Sector 113 and misled the authorities to have the land mutated, despite the cancellation of the agreements.

MGF Developments Ltd has already filed an FIR against M3M India Pvt. Ltd., through its subsidiaries, with the Economic Offenses Wing (EOW) of the Delhi Police

--IANS

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