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Real Estate Transactions

Bombay HC dismisses Relcon plea against LIC in SoBo realty revamp case

Economic Times  

The Bombay High Court has dismissed a petition filed by construction firm Relcon Infraprojects against the Life Insurance Corporation of India (LIC) seeking relief in a matter related to its disqualification from participating in a tender to redevelop the latter's residential building in Malabar Hill, South Mumbai. The IPO-bound LIC owns a plot of land at Setalvad Lane, off Nepean Sea Road, and a residential building, 'Jeevan Jyot,' with a podium and six upper floors with 26 large residential apartments. The insurance major proposes to redevelop this 60-year-old building and has floated a tender for it in June. Relcon Infraprojects was disqualified by the LIC. During this exercise, based on the documents submitted by Relcon, LIC found that Relcon had disclosed that it had been blacklisted in the past by the Municipal Corporation of Greater Mumbai (MCGM). The blacklisting was of a joint venture in which Relcon was a partner with effect from March 22, 2017 for a period of five years.