Supreme Court in its judgement corcerning Unitech and three of its customer has said that the company has to deposit the refund money of its three aggrieved flat buyers by December 22. The property buyers could then withdraw the money from the Court following certain legal requirements.
The ruling came in the wake of Unitech’s failure to hand over the flats on time after having them to make a deposit of 2 crore even before the registration was done. The company tried to argue its case by citing the financial difficulties it was currently facing, rendering it difficult for them to make the deposit. The bench, however, rejected the plea.
The dispute came into picture in 2011 when three flat seekers booked their respective flats in Unitech’s South Park Project in Gurugram by making an advance payment of Rs. 2.69 crore. The company initially promised to deliver their flat within three years of them making the payment, but even after five years, the property was not completed. The customer approached the consumer court seeking refund of their investment, and was awarded with a win when the court directed the company to “refund the money to three investors with 18% interest rate per annum.” The verdict, however, was stayed by the Delhi High Court, which was in the favor of granting an opportunity to the company to deal with its pending construction work rather than making the refund.
The apex court took critical stance at the High Court’s directives and upholds consumer court’s ruling, with the expectation of 18% interest rate, upon which a decision would be taken at a later stage, said the apex bench.