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MUMBAI: The Karnataka High Court has set aside an order issued by the Karnataka Industrial Areas Development Board (KIADB) directing the resumption of nearly 78 acres of land at Kadugodi Industrial Area in Bengaluru held by Embassy East Business Park (EEBPL), a wholly owned subsidiary of Embassy Developments, in a dispute linked to a proposed business park development.
Following the court order, the KIADB resumption proceedings have been quashed and EEBPL will continue to remain in possession of the land parcel, according to a regulatory filing by the company.
The land parcel is located in East Bengaluru, a market that has seen continued office and mixed-use real estate activity driven by technology companies, global capability centres and commercial developers.
Embassy Developments said the Kadugodi land remains part of its long-term development plans in the East Bengaluru corridor and micro-market.
According to the company, the high court order enables EEBPL to continue progressing development of its proposed business park on the site. However, it did not disclose additional details related to the project size, investment or development timeline.
The development comes days after the National Company Law Appellate Tribunal (NCLAT), through an order dated May 4, quashed insolvency proceedings initiated against Embassy Developments.
“The Karnataka High Court’s order is an important affirmation of EEBPL’s lawful rights over land that has long been central to our East Bengaluru development plans. This is an important victory for the Company and with this order, we can continue to develop the land. During this challenging time, we remained steadfast in our commitment to transparency, governance and compliance,” said Aditya Virwani, MD, Embassy Developments.
The company said the formal signed copy of the Karnataka High Court order is awaited.
The dispute related to an earlier KIADB order directing resumption of the land parcel. With the latest ruling, the proceedings have now been set aside, according to the filing.
East Bengaluru, including Whitefield and surrounding micro-markets, has emerged as one of India’s major commercial real estate hubs, attracting occupiers across technology, engineering and financial services sectors. Large land parcels in the corridor continue to remain important for office-led and mixed-use real estate developments.
The latest ruling marks the second legal development involving Embassy Developments within two weeks following the NCLAT order related to insolvency proceedings. The company said it has made the relevant disclosures in line with regulatory requirements.
Following the court order, the KIADB resumption proceedings have been quashed and EEBPL will continue to remain in possession of the land parcel, according to a regulatory filing by the company.
The land parcel is located in East Bengaluru, a market that has seen continued office and mixed-use real estate activity driven by technology companies, global capability centres and commercial developers.
Embassy Developments said the Kadugodi land remains part of its long-term development plans in the East Bengaluru corridor and micro-market.
According to the company, the high court order enables EEBPL to continue progressing development of its proposed business park on the site. However, it did not disclose additional details related to the project size, investment or development timeline.
The development comes days after the National Company Law Appellate Tribunal (NCLAT), through an order dated May 4, quashed insolvency proceedings initiated against Embassy Developments.
“The Karnataka High Court’s order is an important affirmation of EEBPL’s lawful rights over land that has long been central to our East Bengaluru development plans. This is an important victory for the Company and with this order, we can continue to develop the land. During this challenging time, we remained steadfast in our commitment to transparency, governance and compliance,” said Aditya Virwani, MD, Embassy Developments.
The company said the formal signed copy of the Karnataka High Court order is awaited.
The dispute related to an earlier KIADB order directing resumption of the land parcel. With the latest ruling, the proceedings have now been set aside, according to the filing.
East Bengaluru, including Whitefield and surrounding micro-markets, has emerged as one of India’s major commercial real estate hubs, attracting occupiers across technology, engineering and financial services sectors. Large land parcels in the corridor continue to remain important for office-led and mixed-use real estate developments.
The latest ruling marks the second legal development involving Embassy Developments within two weeks following the NCLAT order related to insolvency proceedings. The company said it has made the relevant disclosures in line with regulatory requirements.
