- Location : Sahadra, Delhi
- Amount Paid To Builder : Rs. 35,59,619/-
- Relief Sought : Refund With Interest
- Amount Received From Builder : Rs. 57,51,158/-
Background
This case study covers the legal proceedings and settlement agreement between Amit Kumar Bansal, a chartered accountant residing in Anand Vihar, Delhi, and the builder. The relief sought by Amit Kumar Bansal achieved with the help of Maxleben Advisory was a refund with interest, following a recovery certificate issued by the Hon’ble High Court of Allahabad. The case study highlights the critical details of a case where the client Amit Kumar Bansal was seeking justice in the matter of his Golf course project. The case then moved forward where the client wanted a refund with interest.
Legal Remedy
The case progressed through various stages, including filing a writ in the High Court of Allahabad and obtaining an order instructing the District Magistrate to execute the Recovery Certificate. The Recovery Certificate amounted to Rs. 57,51,158/-, consisting of a principal amount of Rs. 35,59,619/- and an interest amount of Rs. 21,91,539/-. The case was eventually settled through a written agreement whereby the builder agreed to refund the entire amount in three installments. First Installment: Rs. 19,17,053/- Due by March 23, 2023, via cheque. Second Installment: Rs. 19,17,053/- Due by April 15, 2023, via cheque. Third Installment: Rs. 19,17,053/- Due by May15, 2023, via cheque.
Solution
This case study highlighted the complete legal journey of Amit Kumar Bansal, a chartered accountant, where he took a legal help from seeking a refund with interest from builder. The entire amount was to be paid by the promoter in three installments. Through a settlement agreement, the promoter agreed to refund the principal amount and interest in three installments. The case was successfully resolved within approximately one year, providing relief to the client.