Page 25 - BANKING FINANCE November 2018

A U A

orei n awar nee no SC Di la San ion lan a ou lan a e Si e o
a u De elo er
he Su re e Court has ruled that a n a recent case et een erani otels t td he State n or ation Co
oreign a ard issioner reater Mu ai rs Su re e Court
does not need e hasied on an essential as ect o De elo ent
sta dut un gree ents and e hasi ed on the need to dis
der the ndian la sanction lan la out lans at the site o the
Sta ct and de elo er a art ro an other anner ro ided
lack o it ould not render the a ard
the Regulations ade the uthorit
unen orcea le he a e court u
n this case the intrinsic issue that ell or consid
held the judg ent o the single judge
eration e ore the Su re e Court as the disclosure under the Right to n or
ench o the Madras igh Court in
ation ct seeking in or ation regarding the lans su itted to u lic
the case et een Shira C td
authorities a de elo er o a roject
and Rioglass Solat S
he o udge ench o the Su re e Court hile ronouncing its erdict in the
orne ol er an ur case ade the ollo ing essential o ser ations ertaining to Real state Regu
lation and De elo ent ct R R and also the necessit to disclose all
ue ro e u ion in a
in or ation in relation to a de elo ent roject the De elo ers
e ue oun e a e
v he ench noted that the duties o ro oters and de elo ers are ore
he Su re e Court recentl reiter
ela orate as under Section o the R R the ro oter has to create
ated that a
his e age on the e site o the uthorit and enter all details o the
o er o at
ro osed roject as ro ided under su section o section in all the
t o r n e
ields as ro ided or u lic ie ing
holder can
c o n t i n u e v hat the ro oter in ter s o su section o Section o the R R is
re uired to ake a aila le to the allottee in or ation a out sanctioned
rosecution
in a che ue ounce case Setting lans la out lans along ith s eci ications a ro ed the co etent
aside the o a igh Court order authorit dis la at the site or such other lace as a e s eci ied
in the case S a isuddin s o the Regulations ade the uthorit he Court e hasi ed on the act
ose h the Su re e Court that the hole o ject o R R is clearl to ring greater trans arenc
e hasised that legal heir o a er
v he ench also stated that kee ing in ind the ro isions o R R and their
son aggrie ed is entitled to continue
o jecti e the de elo er should andatoril dis la at the site the sanction
a cri inal co laint
lan he ro ision o su section o Section o the R R re uire the
n this case the o an ho initi sanction lan la out lans along ith s eci ications a ro ed the co
ated the rosecution under the e etent authorit to e dis la ed at the site or such other laces as a
gotia le nstru ents ct died hile e s eci ied the Regulations ade the uthorit
the trail as in rogress er son as
the legal heir and o er o attorne
r i ra ion war wi ou rea on e a i e
holder anted to continue the ros
ecution he igh Court disallo ed in he credi ilit o the ar itration rocess and the soundness o decisions ren
and uashed the rosecution dered ar itrators not onl de ends on
errulling it the Su re e Court di their ca a ilit and acu en ut also the ill
rected the trial court to ingness that the dis la in ollo ing the dis
continue ith the case ro the ci line o the la the Delhi igh Court
stage here the igh Court had in stated last eek in the case earl De elo
terdicted it
ers td s ni ersal and inance Co

B N N N N E | NOVEMBER | 2018 | 2