Supreme Court decides in favour of Indian real estate giant in Altair dispute

The ongoing Altair dispute has taken a new turn, with the Supreme Court giving a ruling in favour of A.A. Infraproperties Ltd., and South City Projects Kolkata Ltd. of India, owners of the Altair project. 

The Supreme Court refused to entertain the Petition filed by one Jaideep Halwasiya, and dismissed the leave to appeal action. The appeal was filed against the order of the Commercial High Court, refusing to entertain an application by Halwasiya to represent the Indian parent company of Altair, and to withdraw the case filed against him by the Indian parent company. 

South City Group has complained in this case that Halwasiya, along with Pradeep Moraes, had allegedly committed fraud and illegally wrested control of the Altair project company, by issuing a majority of shares in the local company to a company owned by the son of Halwasiya. 

The application by Halwasiya was that he is entitled to represent the Indian parent company under a power of attorney, which the South City Group claimed was a false document. 

The order was delivered by Justice L. T. B. Dehideniya, Justice P. Padman Surasena, and Justice E. A. G. R. Amarasekera. 

Halwasiya was represented by Gamini Marapana PC with Navin Marapana PC, instructed by Paul Ratnayake Associates. Indocean Developers Ltd., 1st Respondent, was represented by Romesh De Silva PC, with Sudath Caldera, instructed by Paul Ratnayake Associates. The 3rd Respondent, Pradeep Moraes, was represented by Harsha Amarasekera PC.

A.A. Infraproperties Ltd. was represented by Avindra Rodrigo PC with Manoj Bandara and Hasitha Gamage, instructed by Sudath Perera Associates. Harsha Cabral PC with Nishan Premathiratne instructed by FJ&G de Saram appeared for South City Kolkata Ltd, the 4th Respondent. Ruwantha Cooray appeared for Pradip Kumar Sureka and Ram Krishna Agarwal, the 5th and 6th Respondents. 

A $ 250 million Board of Investment (BoI)-approved project, Altair has a 68-floor vertical tower and 63-floor leaning – or sloping tower – with 404 luxury apartments and mixed development. At 240m, the building will be one of the tallest buildings in Colombo when it is complete. 

Recently the completion of the project, delayed for several years, was entrusted to urban development expert and now Urban Development and Housing Ministry Secretary Nimal Perera as a Special Authorised Officer. President Gotabaya Rajapaksa made his second inspection visit to Altair early this month after the first one in June.