The local Municipal Corporation today scrapped the agreement with M/s Arya Toll Infra Ltd, which was running 25 paid parking lots and a multi-level parking in the city, after three cheques for Rs 1.5 crore (Rs 50 lakh each) issued by the firm in lieu of instalments bounced.
While the firm is yet to   decide on its next course of action, the MC has decided   to take over the parking lots and will run these from tomorrow at the same rates for now. The MC has also  decided to initiate criminal proceedings against the company and also blacklist it.
The order of the termination of the contract was issued by Tilak Raj, Additional Commissioner, MC, this evening in which it was stated that the contractor had failed to deposit the full  amount of the seventh instalment of the licence fee, amounting to Rs 3,69,50,000, which was due on December 2018. The contractor issued three cheques for Rs 50 lakh each, but these were dishonoured by banks citing insufficient funds.