High Court Blocks West Bengal from Property Transactions Amidst HPL Dispute

The Calcutta High Court has prohibited West Bengal from selling any immovable properties in Kolkata amid a financial dispute with Essex Development related to Haldia Petrochemicals. The court directed the parties to submit asset details, sustaining a restrainment order till 2025. The case revolves around unpaid tax incentives after GST implementation.

The Calcutta High Court has issued an injunction preventing the West Bengal government from selling or transferring any immovable properties in Kolkata. This arises in relation to an arbitration ruling concerning Haldia Petrochemicals Ltd (HPL).

The injunction responds to an application from Essex Development Investments Ltd (Mauritius) regarding a financial claim of over Rs 2171.87 crore linked to HPL. The court's decision also extends to properties held by the West Bengal Industrial Development Corporation Limited (WBIDC).

The court has mandated the award debtors to submit affidavits of their assets within two weeks. The injunction remains effective until February 28, 2025, with subsequent hearings scheduled. This legal development follows the Supreme Court's dismissal of a West Bengal government appeal concerning tax incentives owed to Essex.

(With inputs from agencies.)