Granting of co-developer status to successful bidder by SEZ-Board can’t be challenged by defaulting Co.

FEMA, BANKING & INSURANCE: Company 'Dahej SEZ', a developer of Special Economic Zone (SEZ) executed co-developer agreement in favour of company 'Cambay' and allotted subject plot in said SEZ to 'Cambay' for development, operation and maintenance of hospitality project - 'Cambay' availed financial assistance from SIDBI for development of said project - When 'Cambay' defaulted in repayment, SIDBI initiated action under SARFAESI Act and thereafter,

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