NTC land: Indiabulls to move SC

Indiabulls Properties, the real estate arm of Indiabulls Financial Services, is planning to file an appeal in the Supreme Court against the Bombay High Court order setting aside the sale of land owned by National Textile Corporation in Mumbai.

According to a release issued by Indiabulls Financial Services to the Bombay Stock Exchange on Tuesday, "in the light of the earlier orders of Supreme Court, Indiabulls Properties will file an appeal in the Supreme Court against the order passed by Bombay High Court in this matter."

The Bombay High Court had ruled on Monday that out of the total mill land, 1/3rd should go to the state for low-cost housing, another 1/3rd for developing open public spaces and the rest 1/3rd for commercial activities by mill owners.

The company said its real estate arm had proceeded with the sale process of NTC land pursuant to the Supreme Court order on May 11, 2005, the release added.