Kinfra’s move to end deed stayed

Jul 19, 2012 |

Kochi

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Kerala High Court has stayed Kerala Industrial Infrastructure Development Corporation’s terminating a 40-acre lease deed with Zoom Developers for an international exhibition centre in Thrikkakara.

Justice T.R. Ramachan-dran Nair passed the order on a petition by Zoom Developers, challenging Kinfra’s order.

The petitioner contended that on October 27, 2006 an agreement was executed with Kinfra and State Bank of India overseas branch to receive financial assistance against a security of first mortgage and charge on its lease hold rights.

The company was supposed to develop the international exhibition and trade centre of world
class standards with facilities such as exhibition, convention and conference halls.

It had also started the preliminary work. The petitioner argued that Kinfra had planned to terminate the lease deed with effect from June 30, 2012 and take over the land. The petitioner was asked to remove all buildings and fixtures within 3 months.

On receipt of Kinfra’s notice, the petitioner requested a reconsideration of the issue, giving it an opportunity to present the case afresh.

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