- Location : Kalkaji, New Delhi
- Amount Paid To Builder : Rs. 36,53,737/-
- Relief Sought : Refund With Interest
- Amount Received From Builder : Rs. 63,89,038/-
Background
This case study revolves around a dispute between Arun Dua, the client, and the builder. Arun Dua seeks relief in the form of a refund with interest for the amount paid towards the project. The parties signed a memorandum of agreement (MOU) in 2021. Arun Dua filed a FIR (First Information Report) at the police station in Loni, District Ghaziabad, Uttar Pradesh, on July 15, 2022.
On April 6, 2023, the agreement was finally settled, and the buyer would receive a return of the money they had paid, plus interest from the builder.
Legal Remedy
Amount Paid by Client: Arun Dua had paid a total amount of Rs. 36,53,737/- to the builder. The settlement agreement mandated that the builder should pay Rs. 30,39,223/- as an interest to Arun Dua. Total amount to be received by the Client, Arun Dua was entitled to an amount of Rs. 63,89,038/-, including the principal amount and the interest.
The settlement agreement outlined the payment of the entire amount in five installments as follows-
The first instalment of Rs. 15,97,260/- to Arun Dua by April 10, 2023, via cheque.
The second instalment of Rs. 15,97,260/- must be paid to Arun Dua via cheque by May 10, 2023.
The third instalment of Rs. 4,59,217/- to Arun Dua by June 10, 2023, via cheque.
The fourth instalment of Rs. 11,38,043/- will be paid to Arun Dua by June 10, 2023, via cheque. The fifth installment of Rs. 15,97,258/- has to be paid to the client by 10/07/2023 via cheque.
Solution
This case study highlights the dispute between Arun Dua and the builder regarding a refund with interest. The settlement agreement, signed after filing an FIR, requires the promoter to repay the total amount paid by the client in five installments. Maxleben Advisory provided a relief where it became crucial for both parties to adhere to the agreed-upon terms and fulfill their obligations to resolve the matter satisfactorily.