2019 (3) TMI 1994 - SC - Insolvency and Bankruptcy

Refund of amount paid in a real estate project - HELD THAT - The matter is being disposed of today as it is clear that the appellant is an allottee in the real estate project of the Respondent No.3. As an allottee, it has either a right to get possession of the flat or to claim refund. It has been argued before us that the appellant has been offered possession but has declined. In this event, it is clear that the appellant is entitled to refund of monies that it has paid. This refund will be made by Respondent No.3 within a period of four weeks from today with 10.7% interest - It is made clear that this order is not to be treated as a precedent. Appeal disposed off.

Summary

The Supreme Court ordered that the appellant, an allottee in a real estate project, is entitled to a refund from Respondent No.3 with 10.7% interest within four weeks. The order is not a precedent and insolvency proceedings by Respondent No.2 are set aside. The appeal and pending applications are disposed of.