Realty firm Parsvnath Ltd has received Rs 1,200 crore from Rail Land Development Authority (RLDA) as per a court order in a dispute related to a project here and said that the amount will be utilised to reduce debt. Last month, the Supreme Court had dismissed the appeal of the RLDA challenging a Delhi High Court order directing it to pay Rs 1,034 crore to Parsvnath Ltd in a dispute over a project in the national capital. "We have received Rs 1,200 crore from RLDA and the money is being utilised to clear debt of IL&FS and redemption of NCDs (non-convertible debentures) and OCDs (Optionally Convertible Debentures)," Parsvnath Chairman Pradeep Jain told PTI. In 2010, Parsvnath through an auction had bought about 37 acre land located at Sarai Rohilla-Kishanganj area in the national capital from the RLDA for about Rs 1,650 crore. Parsvnath had in 2011, formed a joint venture with Red Fort Capital to execute this project. The JV firm was named Parsvnath Rail Land Project Pvt Ltd ...
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