Chandigarh Authorities Held Liable For Delay In Film City Project, Directed To Refund ₹47.75 Crores To Successful Bidder: Supreme Court
In a major ruling under the Arbitration and Conciliation Act, 1996, the Supreme Court dealt with a complex commercial dispute between a private company, Creative Builders Private Limited, and a government authority, Punjab State Industrial Development Corporation (PSIDC). The issue arose after a Development Agreement signed on 02 March 2007 for establishing a Film City project in Chandigarh failed due to multiple delays. Delay in Demarcation and Encumbrance-Free Land The…
