Last Updated on December 7, 2018 by Legalseva.net
In Gurbaksh Singh vs ABW Infrastructure Pvt. Ltd , the HRERA Panchkula Authority has held that TCP is duty bound to ensure completion of licensed projects since based on their assurance and necessary sanctions and approvals , homebuyers put their hard earned money into the project .
In this particular case, Director is directed to take immediate steps to ensure timely delivery of the project.
Now the property is attached under Sarfaesi Act and it would be interesting to see how HRERA nixes with it or other Insolvency proceedings.
Also Read- JURISIDCTION OF HARYANA RERA PANCHKULA AUTHORITY
The loaner has already attached the project property through DM in December 2017.
Another proceedings under Haryana Protection of Interest of Depositors in the Financial Establishment Act, 2013 is in motion.
In this case, Authority held that buyers are deemed owners and their right is in conjunction with superior rights of any financial institution or lender.
If their claims are not satisfied, allottee too should be treated as Creditor before the appropriate forum, held Authority.
Also Read- COVERAGE OF PROJECTS EXISTING BEFORE HRERA
This is a necessary step by authorities to avoid economy specially reality from crumbling down.
The projects are kept pending for long and there is not even an inch of development.
Rightly, HRERA passed the baton to TCP for execution of its own order.
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