M/S UNITECH RESIDENTIAL RESORTS LTD. Vs. ATUL GUPTA
LAWS(SC)-2016-10-94
SUPREME COURT OF INDIA
Decided on October 19,2016

M/S Unitech Residential Resorts Ltd. Appellant
VERSUS
ATUL GUPTA Respondents

JUDGEMENT

- (1.) The respondents, 39 in number, submit in unequivocal and categorical terms that their patience is on the burial pyre and they cannot wait any longer believing in the concept of optimism and expectation, for the appellant M/s. Unitech Residential Resorts Ltd. has not built the flats as assured, and in fact, compelled them to land up in such a financial crisis that they had never conceived of. Learned counsel appearing for the respondents would submit that as per the directions given by this Court, the appellant had already deposited a sum of Rs. 15,00,00,000/- (Rupees fifteen crores only) and vide order dated 17.8.2016, a chart showing the names of the flat buyers interested in seeking refund of money with interest has already been recorded.
(2.) At this juncture, we are obliged to record the submission of Dr. A.M. Singhvi, learned senior counsel appearing for the appellant. The submission, in fact, as the learned senior counsel would put it, is a method of solution. The suggestion given by the appellant is that it would complete three towers by the end of April, 2017 and would hand over possession to some of the respondents by that time and further the respondents can be allowed to take some amount by direction of this Court. To elaborate, the respondents can be distributed Rs. 5,00,00,000/- (Rupees five crores only) towards the principal and be handed over flats by the end of April, 2017 and some shall be given thereafter when the other towers are complete. The rest of the amount, that is, Rs. 10,00,00,000/- (Rupees ten crores only) that have been deposited before the Registry of this Court be allowed to be refunded to the appellant for facilitating the construction.
(3.) The learned counsel for the respondents and some of the respondents who are personally present are not in a position to accept the said method of solution. The voice of anguish is echoed in the court room as they say their dreams have been shattered and they have been constrained to pave the path of impecuniosity.;


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