Alpha Real Trust gets HC order for South Delhi house property

London-based investment fund Alpha Real Trust has got an order from the Delhi High Court which directed realty firm Logix's promoters not to create third party right on a house property in South Delhi.
In January this year, Alpha Real Trust (ART) had won an arbitration award on valuation of its investment in an IT SEZ project of Noida-based realty firm Logix Group.
The total award amounted to 9.2 million pounds (about Rs 85 crore) based on current exchange rate, ART had said.
After the arbitration award, ART had petitioned the Delhi High Court for directions that the interim orders enjoyed during the arbitration proceedings should continue.

The petition was filed to ensure that Logix and/or its principals would not be able to deal with or dispose of the residential property owned by promoters Shakti Nath and Meena Nath and that the status quo of this protection to ART would be maintained, ART said.
The Delhi High Court, in its order of February 11, said that "the interim order passed by this Court to the effect that the Respondents (Shakti Nath & Others) shall not create any third party right interest in respect of the property at No. 34, Friends Colony (East), New Delhi- 65 is directed to continue...."

The direction will apply "till either the disposal of the petition under Section 34 of the Act if filed, or, in the event that the petition is dismissed or no such petition is filed in accordance with law, till the enforcement of the award".