National Textile Corporation's decision to sell surplus lands was legalized by Supreme Court (SC) on Tuesday.
SC rejected all objections to the sale and development of the land of sick NTC textile mills, releasing at least 150 acres of land in the heart of Mumbai.
Earlier Bombay High Court had temporized the sale and development of the land belonging to the sick mills.
Validating the rules for the development of mill lands, the Apex court rejected the ruling of Bombay High Court, which held that sale of surplus lands of NTC mills was not conforming to BIFR (Board for Financial and Industrial Reconstruction) scheme and Supreme Court order.
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