According to company sources, DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process.
In a major blow to real estate firm DLF, the Punjab & Haryana High Court has cancelled the allotment of 350 acre land to the company by the Bhupinder Singh Hooda government in Haryana.
The ruling comes a week after the Supreme Court had ordered DLF to pay Rs 630 crore penalty imposed by the competition watchdog CCI as a pre-condition for hearing the company's appeal.
According to sources, DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process.
Sources say that the land was initially meant for a recreation park. However, the Haryana government allowed DLF to develop the land for a golf course and residential apartments.
Though it has not got the land yet, but DLF is learnt to have paid instalments for the Rs 1,750-crore bid, sources told CNBC-TV18, adding that the matter is also before the apex court on environment concerns.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.