Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Interest – Real Estate Project |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Writ Petition |
Court | Supreme Court of India |
Disposal Nature | Case Disposed Off |
Headnote | Interest – Real Estate Project-Amrapali Group of companies – Reduction of interest on the outstanding dues to Noida and Greater Authorities – Relief granted to projects other than Amrapali Project – Pursuant thereto, I.As filed by the Noida Authority and Greater Noida Authority seeking to recall orders directing reduction of interest – Held: These directions (reducing interest) were passed in the peculiar facts and circumstances in Amrapali Projects – The dues payable to Noida or Greater Noida in respect of projects of Amrapali Group of Companies would otherwise have been liable to pay along with interest at certain rates – Since that would have put additional burden on the entire project, it was deemed appropriate to consider reduction in rate of interest – It is true that though it was completely beyond the scope of instant matters to consider the cases of other builders, Supreme Court did consider the case of builders such as ACE group of companies and the matter was dealt with in its order dated 10.06.2020 – However, at that juncture it was not known that huge amount (losses) running into more than Rs. 3000-4000 crores for Noida and Greater Noida Authorities, would be in issue – In every case, the concerned builder had opted for allocation of plot on the basis of brochure which had clearly indicated the rate of interest – The allotment letter and consequential lease deed carried the same intent – Thus, every builder was well aware and had entered into transaction with Noida and Greater Noida Authorities with open eyes – In cases where contractual terms were sought to be invalidated Supreme Court has repeatedly refrained from entering into such issues – The Court erred in granting relief to projects other than Amrapali Group of Companies vide its orders dated 10.06.2020, 19.08.2020 and 25.08.2020 – Therefore, the said orders are recalled. |
Judge | Honble Mr. Justice Uday Umesh Lalit |
Neutral Citation | 2022 INSC 1180 |
Petitioner | Bikram Chatterji & Ors |
Respondent | Union Of India & Ors |
SCR | [2022] 9 S.C.R. 207 |
Judgement Date | 2022-11-07 |
Case Number | 940 |
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