Information regarding Lease Deed between Jaypee Infratech Limited and IDBI

The appellant sought for information regarding Lease Deed dated March 30, 2016, executed between Jaypee Infratech Limited (JIL) and Industrial Development Bank of India Limited (IDBI Bank) wherein JIL transferred to IDBI Bank a land measuring 50.26 acres through Debt Asset Swap (DAS) in order to liquidate their out-standing liabilities amounting to Rs.253.32 Crores. He asked whether any transaction, in part(s) or full, by sale or transfer, took place between March 30, 2016 and August 31, 2023.  The appellant argued that after March 30, 2016 and upon DAS, all Ownership and Tangible Rights to the said landed property remained with IDBI Bank in its fullness and hence, there remains No Fiduciary Relationship or Larger Public interest between IDBI Bank and JIL. Further, it is wrong on part of for IDBI Bank to invoke Larger Public interest as there are more than 22,000 Home Buyers of JIL. The appellant alleged that the IDBl Bank has not come out clean and transparent on the information sought only through substantiation of tangible right of JIL in the said property. The CIC directed to provide the available information to the Appellant.

Comments  RTI has emerged as a potent tool to obtain information for those affected adversely in a commercial dispute.

Citation:Sqn. Ldr. S. D. Mitroo v. IDBI Bank Limited, CIC/IDBIL/A/2023/147236; Date of Decision: 23.02.2024