BPP OBTAINS DECREE FOR PETROL PUMP EVICTION AGAINST HPCL
In the last Parsi Junction Issue No. 139 of 26th June 2022, we had informed the community of BPP winning the Eviction T.E.Suit No. 73/97 OF 2000 against HPCL Petrol Pump at Khareghat Colony at prime location of Hughes Road after 22 years of litigation.
We have now received the detailed 50 page speaking Order dated 24th June 2022 along with the Operative Order of two pages establishing why the petrol pump has to be vacated and premises admeasuring 971 sq.yds has to be handed over to the Trustees within three months of the Order. Though the first 30 year Lease expired on 31-12-1990 and BPP has refused to accept the measly Lease Rent of Rs. 1500/ pm from 1-1-1991 upto 31-12-2021 but in view of the Order of second renewal of the Lease for 30 years under the Caltex Acquisition Act, the Lease rent remains the same upto 31-12-2021.
But from 1-1-2022 HPCL will have to pay the market rent as per Ready Reckoner valuation of the plot. It is our request that the Trustees should immediately appoint a knowledgeable Architect to work out the market value of the plot admeasuring 971 sq.yds. and accordingly the Court will fix the Mesne profits which HPCL will have to pay every month to BPP if it intends to file an Appeal against the Eviction Order and wants a Stay on it.
It is our estimate that HPCL will have to pay the BPP more than Rs. 20 lakhs every month from 1-1-2022 as Mesne profits till the Appeal is decided. We understand that the HPCL officials have already sought an appointment with the Trustees to work out an amicable settlement.
Since there is a Reservation of a petrol pump on the said plot, it will be difficult to develop the plot for any other use to get the full potential of the prime plot. Hence while the market value of the plot would be over Rs. 70 crore, due to the Pump reservation on the plot it is worth considering its sale at even 50% discount.
The other option available to the Trustees would be to move the Courts challenging the Petrol pump reservation on the plot and though it may take a few years we are convinced that the Courts will remove the unreasonable reservation of a Petrol Pump from the plot in which case the plot by then will be worth over Rs. 100 crore.
It is a dilemma for the Trustees but they have to be thankful that from January 2022 the BPP will earn several lakh rupees per month as Mesne profit. At this critical juncture when BPP is facing acute financial crisis the Mesne profits will be a life saver for the Trustees. We reproduce below the two page Operative Order dated 24th June 2022 for the benefit of the community in keeping with the Transparency policy Parsi Junction:
Source: Parsi Junction
