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Granting of co-developer status to successful bidder by SEZ-Board can’t be challenged by defaulting Co.

May 5, 2020[2020] 116 taxmann.com 406 (Gujarat)
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FEMA, BANKING & INSURANCE: Company 'Dahej SEZ', a developer of Special Economic Zone (SEZ) executed co-developer agreement in favour of company 'Cambay' and allotted subject plot in said SEZ to 'Cambay' for development, operation and maintenance of hospitality project - 'Cambay' availed financial assistance from SIDBI for development of said project - When 'Cambay' defaulted in repayment, SIDBI initiated action under SARFAESI Act and thereafter, subject plot was sold in auction to successful bidder - Thereafter, it was decided by Board of Approval for Special Economic Zone to grant co-developer status to said successful bidder - 'Cambay' claimed that decision of Board was without affording opportunity of being heard to it as per provision of Section 10 of the SEZ Act

• Held, Since, Board had only given effect to auction sale conducted by SIDBI under Securitization Act and 'Cambay' had full opportunity to take action in accordance with law as it was very much aware about proceedings initiated under Securitization Act by SIDBI, 'Cambay' could not now challenge action of Board granting request of approval status of co-developer to successful bidder.

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