Home buyers’ plan approved on Apr 28, 2022, was the basis for the Tribunal’s decision
In a significant development, the National Company Law Tribunal (NCLT) Principal Bench in New Delhi, recently delivered a landmark judgment that relieved several buyers. The Tribunal’s decision stemmed from a case where the home buyers’ plan was approved on April 28, 2022. The application was initiated by Raj Deo Chaudhry, a home buyer with Value Infracon India Pvt Ltd, specifically in their project known as Meadows Vista Phase-II in Raj Nagar Extension.
A home buyer Raj Deo Chaudhry asserted that he had made payments totalling Rs.26 lakhs towards the property. Interestingly, the former Resolution Professional (RP) had recorded no claims, but the State Regulatory Authority (SRA) has been instructed to thoroughly review the matter.
This favorable outcome was not limited to Chaudhry alone; two other buyers, Faizan Anwar Aziz and Sana Mazhar, also received relief through this judgment. All three buyers were represented by Advocate Mayank Mittal during the proceedings.
The judgment marks a significant victory for the buyers involved, providing them with much-needed respite and legal recourse in their dealings with Value Infracon India Pvt Ltd. This decision sets a precedent for fair treatment of home buyers and underscores the importance of legal avenues in resolving disputes related to real estate transactions. The proactive role of the NCLT in addressing such matters showcases a commitment to upholding justice and protecting the rights of consumers in the real estate sector.
The NCLT Principal Bench comprising Judges Ramalingam Sudhakar and Avinisah Srivastava’s Order is a real relief to many home buyers cheated by real estate companies.
The seven-page-order is published below:
NCLT orders relief to home buyers by PGurus on Scribd
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