New Delhi, Jun 11 (PTI) The Delhi High Court has stayed the recovery proceedings against a real estate developer over alleged failure to repay a loan amount of over Rs three crore to a company which had lent the money. "The sarfaesi (recovery) proceedings shall remain stayed for the duration of the arbitration proceeding," it said. The courts order came on DHFLs plea, which had sought setting aside of the arbitrators January 29 order staying the proceedings against the real state developer. Advocates Pankaj Garg and Milind Garg, appearing for the real estate developer, had submitted that DHFL was needlessly adding unnecessary charges and not giving them any of the details. However, the arbitrator appointed by the firm had stayed the recovery proceedings.

Source: India Today June 11, 2017 07:52 UTC