<p>The high court imposed Rs 50,000 penalty on Infrastructure Leasing and Financial Services (IL&FS), which sought the closure of Bangalore Development Authority (BDA), citing failure by the authority to pay Rs 5 crore for the ring road work.</p>.<p>Hearing the petition, the single bench headed by Justice PB Bhajantri rapped IL&FS saying that the BDA was not a company to be shut down.</p>.<p>The petitioner, IL&FS, has sought pending payment of Rs 5 crore for the work related to the construction of the ring road between Magadi Road and Mysore road in 2005.</p>.<p>The petitioner may pursue any other way to recover the payment, rather than filing a case under the Companies Act, the court said.</p>
<p>The high court imposed Rs 50,000 penalty on Infrastructure Leasing and Financial Services (IL&FS), which sought the closure of Bangalore Development Authority (BDA), citing failure by the authority to pay Rs 5 crore for the ring road work.</p>.<p>Hearing the petition, the single bench headed by Justice PB Bhajantri rapped IL&FS saying that the BDA was not a company to be shut down.</p>.<p>The petitioner, IL&FS, has sought pending payment of Rs 5 crore for the work related to the construction of the ring road between Magadi Road and Mysore road in 2005.</p>.<p>The petitioner may pursue any other way to recover the payment, rather than filing a case under the Companies Act, the court said.</p>
