In Brief
Home buyers who invested in real estate schemes floated by developers sought relief for incomplete construction and non-delivery of flats. The Supreme Court appointed senior counsel to represent their interests before the Insolvency Committee, directed the developer to deposit 10% of dues as security within four weeks, ordered occupancy and no-objection certificates to be issued for completed phases enabling possession, allowed home buyers to complete finishing work themselves, and directed creation of a portal for those seeking refunds. Non-institutional directors were ordered to appear personally before the Court for compliance monitoring at the next hearing scheduled for January 17, 2018."
The lawyer headnote and full judgment text are available to registered users.