Order
1. Diary No. 37490 of 2017 is taken on Board. Issue notice in WP (C) No. 1144 of 2017 and Diary No. 37490 of 2017.
2. We have heard Mr M.L. Lahoty, learned counsel for the petitioners. Mr Pawan Shree Agarwal, Advocate is appointed in this case as Amicus Curiae.
3. The learned counsel for the homebuyers submitted, they have spent their hardearned money in investing in the purchase of flats for which schemes were floated by the builders/developers, Respondents 3 and 4. Though there is some dispute with regard to who is directly responsible, we do not intend to comment on the same at the present stage. In a similar matter relating to another project we had appointed Mr Shekhar Naphade, learned Senior Counsel to represent the cause of the homebuyers before the Committee of Creditors constituted under the Insolvency and Bankruptcy Code, 2016 (for short “the Code”). In the present case we also nominate Mr Shekhar Naphade with Ms Shubhangi Tuli to take up the cause of the homebuyers before the said authority. Mr Naphade along with Ms Tuli is granted liberty to interact with the Interim Resolution Professional (IRP) to protect the interest of the homebuyers.
4. The learned counsel for the petitioners would submit that the homebuyers are in a pathetic condition and, therefore, certain amount should be directed to be deposited by the developers/builders. At this juncture, Mr Ranjit Kumar, learned Senior Counsel appearing for the developer submitted that 90% flats are complete and ready for delivery in the first phase. Mr Vishnu Sharma, learned counsel appearing for the respondent Noida submitted, it would not hesitate to give the occupancy certificate and no-objection certificate if 15% amount is provisionally deposited with them.
5. After hearing at length, we are inclined to direct as follows:
5.1. The respondent builder shall deposit 10% of the dues of Respondent 7 before it within four weeks hence.
5.2. The phase in respect of which occupancy certificate and no-objection certificate, if granted, the possession of flats shall be handed over to the respective flat owners.
5.3. The flat owners will be at liberty to complete the finishing work, if they feel so advised.
5.4. The homebuyers for whom the flats are not yet been constructed and are interested in refund, can submit their applications to the portal which is to be created by Mr Pawan Shree Agarwal.
5.5. Mr Pawan Shree Agarwal shall create the portal and inform the Advocate-on-Record for the respondent developer. The Advocate-on-Record for the developer shall give a sum of Rs 5 lakhs by way of bank draft to Shri Pawan Shree Agarwal so that he can meet the expenses. The directors, other than institutional directors, of the developer company shall remain personally present before this Court on the next date of hearing.
6. List the matter on Wednesday, 17-1-2018.
Court Masters