SRINAGAR: The Jammu Development Authority (JDA) has secured the release of Rs 18.12 crore, including interest, following the resolution of a legal dispute that had remained pending for more than three decades, officials said on Wednesday.
The amount was released by Jammu and Kashmir Bank after the dispute was settled in favour of the Authority. Officials said the entire sum has been realised and credited to the JDA’s account, bringing formal closure to a case that had long remained a contingent financial liability.
The settlement marks a significant institutional development for the Authority, resulting in the recovery of substantial public funds that had remained locked in bank guarantees for years.
JDA Vice-Chairman Rupesh Kumar said the outcome was the result of sustained institutional efforts and coordination over an extended period.
“The resolution of this three-decade-old dispute is the outcome of teamwork and perseverance. I appreciate the dedicated efforts of the officers and staff who pursued the matter with diligence, and the guidance provided by senior officials which proved crucial in achieving this result,” he said.
Officials said the recovery strengthens the Authority’s financial position and underscores its focus on safeguarding public resources through lawful and consistent action.
The Jammu Development Authority reiterated its commitment to transparency, accountability and prudent financial management.
