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Judgment
Adv. Mukul Kulhari appeared on behalf of the Complainants.
Adv. Deeptanshu Jain appeared on behalf of the Respondents and filed affidavit on behalf of the Respondents stating that for reasons enumerated in said affidavit the Respondents have decided to abandoned Phase –4.
Extracts of relevant submissions are reproduced below:
“Respondent was not in a position to complete Plaza-4 at the relevant time. Pertinently with the change in the building norms and non-availability of the sanction plan, it is neither commercially feasible nor practicable to complete Plaza-4 as originally envisaged and sold to the Complainants. In view of the same, the Respondent is abandoning the Project Plaza-4 in the present form as sanctioned and sold to the Complainants at the relevant time on account of non-availability of the sanctioned plan, change in building norms and the reasons details above.”
Respondents are directed to file, within 4 weeks, a formal application with the Authority regarding abandoning the project Plaza-4 by the Respondents.
Ld. Counsel for Respondents further submitted that Respondents are willing to return the amount deposited by the Complainants with the Respondents along with interest due as on date as prescribed in the RE(RD) Act 2016.
He also stated that the total refundable amount stands to Rs. 41,40,844/- only, including the due interest, and they have brought two cheques in favor of both the Complainants each cheque amounting to Rs. 20,70,422/- only.
Ld. Counsel for Complainants, on instructions, stated that Complainants are willing to accept the principal amount along with interest and are willing to accept the said two cheques.
Ld. Counsel for Respondents handed over cheques in original to Ld. Counsel for Complainants as full and final settlement in the matter.
Ld. Counsel for Complainants stated that Complainants may be given liberty to seek due compensation in appropriate court of law.
Request allowed.
The complaint is disposed of as settled with liberty to the Complainants to seek compensation from the appropriate Forum. The Respondents are granted liberty to raise all the legal objections and contentions as available to them before the appropriate Forum.
No orders as to cost.
File be consigned to Record Room.