India

SC expresses concern over possession of flats to homebuyers

SC expresses concern over possession of flats to homebuyers

New Delhi: The Supreme Court on Wednesday during the hearing of Amrapali petition expressed that the primary objective is to make sure that the homebuyers get their home at the earliest.

The court has also directed the builders to furnish complete details of the projects along with the time required to be completed.

Keeping this aim in mind and paying heed to arguments advanced by lawyer Ashwarya Sinha, advocate of many homebuyers, the Apex Court would be hearing the arguments of the projects which are nearing completion first.

The bench has also suggested that the court would be monitoring the same and the money would be deposited with the court and only upon satisfied delivery of possession money would be released.

To ensure that priority be given to projects that are nearing completion, the apex court has directed the developer to submit details of the status of construction of projects nearing completion.

Amrapali’s counsel had said at the last hearing that Galaxy Developers has come forward to develop the flats in a timely manner.

The Apex Court is hearing a batch of pleas filed by flat buyers who have sought quashing of the September 4 last year’s National Company Law Tribunal (NCLT) order and said the moratorium imposed under the provisions of the Insolvency and Bankruptcy Code, 2016, is violative of Article 14 (equality before law) of the Constitution. (ANI)