GeM crosses Rs 4 Lakh Crore in GMV (See 'Corp Brief') Constitution of India - Where more than one interpretation can be given to Court's order, then benefit has to be given to party against whom contempt is alleged: HC (See 'Legal Desk') Defence Secretary visits Coast Guard facilities in North West Region (See 'Corp Brief') SEBI Act - Merely attending board meetings cannot lead to conclusion that appellant is involved in day to day affairs of Company: SAT (See 'Legal Desk') Competition Act - Grievances of Informants like payment of maintenance and electricity charges is in nature of contractual issue and disputes not having any Competition concern: CCI (See 'Legal Desk') India attends G20 Working Group Meeting at Brasilia (See 'Corp Brief') SEBI ICDR Regulations, 2018 - By not locking entire pre-preferential allotment shareholding of two allottees Noticee violated SEBI ICDR Regulations : SEBI (See 'Legal Desk') Arbitration Act - Serving officer of respondent shall act as arbitrator is invalid stipulation which makes it incumbent on Court to appoint independent sole arbitrator to adjudicate disputes : HC (See 'Legal Desk') SEBI Act - Appellant is misleading its investors that it is registered with SEBI as investment advisor and played fraud in violation of IA Regulations : SAT (See 'Legal Desk') CCI okays subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE (See 'Corp Brief') PMLA - Court will not cancel interim bail granted to respondent as interim bail is about to expire within short period of time : HC (See 'Legal Desk') CCI approves 100% acquisition of Lanco Amarkantak Power by Adani (See 'Corp Brief') CGST Act - Case does not fall under ambit of Anti-Profiteering provisions of CGST Act : CCI (See 'Legal Desk') BRO connects strategic Nimmu-Padam-Darcha road in Ladakh (See 'Corp Brief') Arbitration Act - Any party having failed to make substantive claim in arbitral proceedings, cannot seek recovery by way of interim mandatory injunction u/s 17 : HC (See 'Legal Desk') SEBI Act - Trading pattern of appellants with other noticees indicate that there is meeting of mind between appellants and other noticees : SAT (See 'Legal Desk') SARFAESI Act - Respondent shall not take any coercive steps against Petitioner prior to 15th March, 2024 provided Petitioners file appeal before DRAT on or before March 01, 2024 : HC (See 'Legal Desk') Guj Govt sets up Telecom Facilitation Centre to support stakeholders (See 'Corp Brief') SEBI Act - SEBI shall not initiate any enforcement action against Applicant for SAST violations provided representation made in settlement proceedings are subsequently not found untrue : SEBI (See 'Legal Desk') India, Bhutan ink MoUs on clean energy, agriculture & tourism (See 'Corp Brief') PMLA - Surgery of knee cannot be categorized as 'life-threatening situation' and surgery which is to be undergone by applicant is not of such nature which necessitates applicant's release on interim bail only : HC (See 'Legal Desk') NCC, NPCIL ink MoU to raise awareness on peaceful use of nuclear power (See 'Corp Brief') SEBI - Any violation committed by Company which is fraudulent in nature has to be attributed to individual acting as Director at relevant point of time : SAT (See 'Legal Desk') Golden Jubilee Celebration of KVKs held in Puducherry (See 'Corp Brief') PMLA - Court declined to grant bail to Satyendar Jain in money laundering case and also cancelled interim bail granted as there are sufficient material collected by ED to show that he is prima facie guilty of alleged offences : SC (See 'Legal Desk') 42nd IPHE Steering Committee to be hosted by EU (See 'Corp Brief') IBC - Application filed u/s 7 of code can be admitted as debt and default has been established : NCLT (See 'Legal Desk')

SC pulls up Parsvnath Developers, says refund buyers Rs 22 crore

Published: Oct 19, 2016

By TIOLCORP News Service

NEW DELHI, OCT 19, 2016: THE Supreme Court Tuesday reproached real estate firms for failing to honour their commitment to hand over flats in time and observed that buyers should get their money back when they lose trust in the builders' ability and intention to deliver.

"In this country, builders have developed an attitude to make commitments to purchasers and not fulfil them by delaying projects," said a bench led by Justice Dipak Misra while directing Parsvnath Developers to refund Rs 22 crore to 70 flat buyers of its Exotica project in Ghaziabad.

The bench accepted the buyers' plea that they should receive the refund of the principal amount paid by them in 2010. The interest component and compensation for delay in handing the flats will be dealt with at a later stage, the court said.

The refund would come partly from the Rs 12 crore deposit made by the developer with the apex court's registry. The bench also directed Parsvnath to deposit an additional Rs 10 crore by December 10.

"They (home buyers) do not have patience and trust in you and need refund. Money should go back to them and they should not suffer," said the bench while pulling up the realty firm for seeking time to deposit an additional Rs 10 crore. Senior advocate Subramanian Prasad, appearing for the firm, said that as directed by the court, the company had deposited Rs 12 crore with the Supreme Court registry.

TIOL CORP SEARCH

TIOL GROUP WEBSITES