In Brief
Home buyers who invested in incomplete residential flats sought relief against the developer under insolvency proceedings. The Supreme Court recognized their predicament and directed the developer to deposit 10% of dues to the housing authority within four weeks. Upon receipt of occupancy and no-objection certificates, flats would be delivered to owners, who could complete interior finishing independently. Buyers of unconstructed units seeking refunds were granted a portal facility. Senior counsel was appointed to represent home buyers before the insolvency committee, and developer directors were ordered to appear personally in court for compliance oversight on January 17, 2018."
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