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Hindustan Times
17-05-2025
- Business
- Hindustan Times
Sell unsold plots to develop Sunny Enclave infra: High court to Mohali DC
In a landmark decision, the Punjab and Haryana High Court has mandated the sale of unsold plots belonging to a Mohali-based builder, directing that the proceeds be used for the development of physical infrastructure in the Sunny Enclave area of Kharar, spread in 350 acre of land. The order was passed by a bench comprising Justice Sureshwar Thakur and Justice Vikas Suri, on a clutch of petitions from New Sunny Enclave Residents Social Welfare Association, other resident welfare associations (RWAs), and individual allottees. The petitioners had alleged a lack of civic infrastructure development by the developer, Jarnail Singh Bajwa. According to Sameer Sachdeva, a lawyer involved in the case, thousands of allottees were affected as plots were sold but necessary infrastructure such as roads, drainage, electricity lines, and parks, etc, were not developed in the societies and independent residential units spread in 350 acre of land. These localities fall in Sectors 120, 123, 124 and 117 in Jandpur, Manana, Sihampur and Hassnapur villages. The Sunny Enclave project, once touted as the largest in the tricity, was conceptualised and developed over the past 15-20 years. The HC has directed the Mohali deputy commissioner (DC) to oversee and conduct the auction of the properties within one month. Furthermore, the chief secretary has been directed to establish a special cell comprising three auditors to assess the pending development works at the sites, prepare cost estimates, and monitor financial expenditures. The Greater Mohali Area Development Authority (GMADA) will be responsible for executing the construction work, with the entire process to be completed within four months. The court stipulated that any remaining funds after the infrastructure development would be used to settle outstanding government charges owed by the developer, and any surplus thereafter would be released to the developer. The court did not agree with the argument raised by the developer that buyers can approach RERA with their complaints. 'At this stage, (it would be) an extremely elongated remedy (sending buyers to RERA), besides would further enmesh the allottees/homebuyers in an avoidable quagmire of litigation,' the bench observed disposing of the pleas. It also noted that in some works' cases he had given an undertaking that unexecuted work could be completed by the GMADA in lieu of vacant plots. The residents' plea highlighted that over fifteen years had passed without the developer providing essential basic facilities and completing all external and internal development works. They had also sought directives to prevent the authorities from allowing the developer to undertake any new projects until the pending works in Sunny Enclave were completed.
Zawya
24-02-2025
- Business
- Zawya
RAKBANK and Faturalab forge strategic partnership in the GCC to transform supply chain finance
RELATED TOPICS FINANCIAL SERVICES RELATED COMPANIES Rakbank Intellect Global Rakbank RAK Supply Chain Technologies Ltd. Faturalab Forge Strategic Partnership Dubai, United Arab Emirates – RAKBANK has announced a strategic partnership with Faturalab, a leading provider of smart supply chain solutions, to transform supply chain finance for businesses across the UAE. This is Faturalab's first strategic tie-up outside of Türkiye, enabled by RAKBANK, marking a significant milestone in expanding its reach within the GCC. Faturalab is a technology partner to many Turkish conglomerates, with a solid track record of supporting financial institutions in supply chain finance for over four years. The partnership was formalized at RAKBANK's Corporate Office in Dubai, in the presence of Vikas Suri, Managing Director – Wholesale Banking Group-Products at RAKBANK, Ehsaan Uddin Ahmed, Executive Vice President & Head of Transaction Banking at RAKBANK, Saruhan Dogan , co-Founder and Board Member of Faturalab, and Ahmet Bekce, co-founder of Supply Chain Technologies Ltd.. This collaboration leverages Faturalab's state-of-the-art digital technology and analytics capabilities, reinforcing RAKBANK's commitment to integrating innovative tech solutions within its wholesale banking operations. RAKBANK Leadership Statements Vikas Suri, Managing Director – Wholesale Banking Group-Products at RAKBANK, stated: "At RAKBANK, our commitment to digital transformation is central to how we serve our wholesale banking clients. By embracing innovative technology, we are redefining our business processes to deliver faster, more efficient financing solutions. Our partnership with Faturalab underscores our strategy to stay ahead of industry trends and meet the evolving needs of global commerce." Ehsaan Uddin Ahmed, Executive Vice President & Head of Transaction Banking RAKBANK, added: "Our trade finance offerings are focused on empowering corporates with greater clarity and control over their financial operations. This collaboration with Faturalab equips us with advanced tools that simplify supply chain processes and enhance operational transparency, ultimately facilitating smoother and more secure trade transactions." Faturalab Leadership Statements Saruhan Dogan, co-Founder and Board Member of Faturalab, commented: "We are excited to join forces with RAKBANK—a forward-thinking institution that understands the power of digital innovation. Our technology is designed to simplify the complexities of supply chain finance, enabling businesses to navigate global trade with enhanced efficiency and precision." Ahmet Bekce of Supply Chain Technologies Ltd., remarked: "We are delighted to be part of this visionary partnership to bring cutting-edge supply chain solutions to the region. By integrating our digital capabilities with RAKBANK's top-class platform, this partnership will be setting a new standard for transparency and efficiency that will benefit businesses across the region." About RAKBANK RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online. For more information, please visit or contact the Call Centre on +9714 213 0000.
