EO, the Greater Mohali Area Development Authority (GMADA), has initiated the action of resuming the site in haste and arbitrarily. The matter is sub-judice before the appellate authority, as World Trade Center (WTC) Chandigarh has already filed an appeal under section 45(5) of the Punjab Regional and Town Planning and Development Act 1995, challenging the illegal action of EO and GMADA.
Against the allotment of a plot for Rs 131 crore in September 2015, WTC Chandigarh has already paid Rs 108 crore to GMADA within the allowable time period extending to June 2026. Further, WTC Chandigarh has been regularly highlighting to GMADA the discrepancies in their calculations and the delay in the grant of PTM by GMADA against an executed term sheet since 2022.
The project is at a finishing stage, with more than 100% of receipts going towards project-related expenses, significant future receivables, and stock levels more than sufficient to cover any and all expenses.
