IVP Limited Faces Significant Legal Order from Mumbai Port Authority

IVP Limited has received an order from the Office of the Estate Officer, Mumbai Port Authority (MBPT), concerning a property leased from MBPT in Mumbai. The dispute involves MBPT raising bills since September 2006, which IVP claims are inconsistent with a Supreme Court order dated January 13, 2004. IVP has been making payments strictly in accordance with the Supreme Court order and has filed a Writ Petition (No. 1439 of 2011) before the Bombay High Court against these demands, which is pending.

Furthermore, in 2019, MBPT filed proceedings for eviction and damages. An order has now been passed under the Public Premises (Eviction of Unauthorised Occupants) Act, 1971. This order directs payment of compensation amounting to ₹56,84,13,376.16 (Rupees Fifty-Six Crore Eighty-Four Lakh Thirteen Thousand Three Hundred Seventy-Six and Sixteen Paise Only), inclusive of Service Tax, GST & Interest, and damages of ₹79,97,39,419.79 (Rupees Seventy-Nine Crore Ninety-Seven Lakh Thirty-Nine Thousand Four Hundred Nineteen and Seventy-Nine Paise Only), inclusive of GST and Interest.

IVP Limited has also filed Writ Petition No. 3530 of 2022, challenging the basis of such demands, with judgment reserved. The company intends to challenge the Estate Officer's orders by filing Statutory Appeals/Writ Petitions before the Hon’ble City Civil Court and the Hon’ble High Court of Mumbai. The total quantum of claims against the company amounts to ₹1,36,81,52,795.95 (Rupees One Hundred Thirty-Six Crore Eighty-One Lakh Fifty-Two Thousand Seven Hundred Ninety-Five and Ninety-Five Paise Only). This amount has been disclosed as a contingent liability of ₹92,59,18,726 (Rupees Ninety-Two Crore Fifty-Nine Lakh Eighteen Thousand Seven Hundred Twenty-Six Only), representing claims not acknowledged as debts and other liabilities imposed by MBPT.