RERA to issue warrants to recover 90 crore in Palais Royale dispute
The orders, which are with respect to four flats in the project, have been passed after IIFL Finance Ltd filed an application regarding non-compliance of a Jan 16 order. The adjudicating officer also passed orders to issue warrants for recovery of interest for delayed possession with regard to three other flats of IIFL in the same project.
The adjudicating officer, Ashok Alaspurkar, passed the orders on different dates, including Aug 4, July 28 and July 27, for the issue of warrants to recover varying interest amounts against the promoter in connection with the seven flats of IIFL Finance.
Earlier, on Jan 16, MahaRERA had issued a common order directing Honest Shelters to hand over possession of the flats in the project IIFL Finance Ltd to pay interest for delayed possession of the flats, and also directed the official liquidator to hand over possession of the flats in his custody to the promoter for completion of construction.
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Later, the complainant, IIFL Finance, reported non-compliance of the order on March 21 and filed an execution application.
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In response, the promoter argued that the adjudicating officer lacked jurisdiction to execute the authority's order, but MahaRERA dismissed these arguments.
The adjudicating officer stated that, considering the facts and circumstances, the Jan 16 order must be implemented as per its operative directions. He held that the complainant is entitled to interest on amounts paid for the various flats until Jan 16, and also to further interest from Jan 17 until handing over possession after obtaining occupation certificate.
The Palais Royale project was acquired by Honest Shelters from Shree Ram Urban Infrastructure following an auction conducted by Indiabulls Housing Finance in 2019.
IIFL acquired the flats from the original purchasers through a deed of transfer cum assignment for breach of the terms and conditions of the mortgage deeds relating to the flats.
MahaRERA concluded that the former allottees of IIFL flats had fully paid for their flats as per agreements and that IIFL is an allottee in respect of the said flats, further holding that the promoter failed to hand over possession along with the occupancy certificate by the date specified in the agreements.
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