Supreme Court breather to Lanco Infratech

In a major relief to Lanco Infratech Limited (LIL), the Supreme Court passed orders on Tuesday staying the orders of the Wakf Tribunal and also a division bench of Andhra Pradesh (AP) High Court which prevented LIL from selling the properties in its township to third parties. LIL is developing a 100-acre integrated township called ‘Lanco Hills’ at Manikonda here at a cost of about Rs 5,000 crore and the Phase-I of the residential towers as well as an IT tower are stated to be ready for occupation. The company secured the land in 2005 through international competitive bidding organised by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) at Rs 4.27 an acre. However, a suit has been filed in the Wakf Tribunal claiming that the .....