28/06/2008 08:50. Citra Developers Ltd. (CDL) on Friday withdrew its Rs676 crore bid for the PAL-Peugeot land in Kalyan-Dombivili. Sources close to Indiabulls, of which CDL is a 100% subsidiary, said they were not keen on matching the reserve bid of Rs1,650 crore.

Although the deal for the 5.41 lakh sq m was struck of as the most expensive in the city’s distant suburbs, on May 6, the Bombay High Court was informed that CDL’s bid was much lower than the reserve bid.

The court had asked CDL whether it was willing to match the reserve bid.

On Friday, Justice Roshan Dalvi asked the court receiver to record CDL’s withdrawal from the bid. The spokesperson for Indiabulls refused to comment, but other parties involved in the litigation confirmed CDL’s withdrawal.

Earlier, arguing for CDL, senior... // Daily News & Analysis