India, March 20 -- The Bombay High Court on Monday revived the long-stalled redevelopment of the century-old Sir Elly Kadoorie School in Mazgaon, modifying its 2011 order, which had called for fresh bids and directed maintenance of status quo, and allowing the project to proceed on the basis of a significantly enhanced offer by the developer.

A division bench of justices GS Kulkarni and Aarti Sathe noted that the contesting parties had arrived at a consensus, following which the developer submitted a revised financial proposal. The court recorded that the offer substantially increases the corpus fund, lease rent, allocation for furniture and fixtures, and the costs towards title clearance. The overall financial consideration has nearly d...