Supreme Court of India
The Authorised Representative for Granite Gate Properties Private Limited, Ms. Rakesh Verma v. M/s New Okhla Industrial Development Authority
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that it is only proper that NOIDA waives the penalty charges since it is neither the default of the homebuyers nor the default of the SRA, which led to the delay.
Judgment, page 8
In brief
Granite Gate Properties took two plots in Sectors 100 and 110 on perpetual lease at a high premium from NOIDA and advertised two apartment projects, 'Lotus Boulevard' and 'Lotus Panache', which were to be completed by 2016. The developer defaulted, was admitted into CIRP as a Corporate Debtor on 10.01.2019, and the Committee of Creditors comprised only the homebuyers as a class of financial creditors; during CIRP the homebuyers pooled their own funds as advance sale consideration and continued construction under a CoC-approved 'Pool and Build' mechanism, and a resolution plan of M/s SMV Agencies was approved.…
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