Emaar-MGF plans to appeal against an Indian court order this week that effectively rejected its plea to stop the Delhi Development Authority (DDA) from cashing in the remainder of a 1.83 billion rupee (Dh148.9 million) bank guarantee.
'We will go for an appeal against this order,' said Anupama Chopra, a spokeswoman in New Delhi for Emaar-MGF. She declined to comment further. Emaar-MGF, a joint venture between Emaar Properties of Dubai and MGF Development of India, paid the deposit after it won a contract in 2007 to build the Commonwealth Games village in New Delhi. But it has faced criticism from Indian authorities for alleged deficiencies in construction and missed completion deadlines.
In October, soon after the games were over, the DDA said it planned to seize at least a portion of the bank guarantee as damages. The developers went to court, arguing that they had met all deadlines and rectified construction defects that were pointed out to them.
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