Section 8 in Jharkhand Industrial Area Development Authority Regulations, 2016
8. Application For Allotment of Land And Submission of Requisites Therewit.
- i. Eligibility of ApplicantThe applicant should be competent to contract who may be:-(a)Individual(b)Proprietorship firm(c)Registered partnership firm(d)Private Limited Company.(e)Limited liability registered partnership firm(f)Public Limited company(g)Government company(h)State/Central Public Sector undertaking(i)Hindu Undivided Family (HUF)(j)Consortium of above applicants.ii. Consortium of Applicant(a)Member of the consortium shall have to specify one lead member who shall be authorized to correspond with the Authority.(b)The lead member of the consortium shall necessarily be a firm/company registered in India with the appropriate statutory authority.(c)The members shall submit a notarized memorandum of understanding conveying their intent to jointly make application for allotment of land and, in case the plot is allotted to them, they shall form a Special Purpose Vehicle (SPV) to carry out all the duties and responsibilities of the allottee.(d)The MoU shall clearly define the role and responsibilities of each member in the consortium, particularly, with regard to arranging debt and equity for the project and its implementation. The MoU shall state that all members shall be jointly and severally responsible for the successful implementation of the project.(e)Special Purpose Vehicle (SPV) shall either be a partnership firm registered with the Registrar of Firms or Company registered under the Companies Act, 2013.(f)Special Purpose Vehicle (SPV) shall be formed consisting of lead member and relevant member with their shareholding as on the date of application, before execution of lease deed.(g)Lease deed shall be executed in favor of Special Purpose Vehicle (SPV).(h)The lead member shall maintain its original shareholding in the SPV till the functional certificate is obtained from the competent authority.
