- Location : Sector 71,Noida
- Amount Paid to Builder : Rs. 6,13,000/-
- Relief Sought : Refund With Interest
- Amount Received From Builder : Rs. 10,23,121/-
Background
In this particular case, Sangeeta Malik, a resident of Sector 71, Noida, entered into a Memorandum of Understanding (MOU) with the promoter on September 24, 2020. However, the client’s amount was canceled, resulting in forfeiture. The client sought relief in the form of a refund with interest. Eventually, a settlement agreement was reached between the parties on January 11, 2021, ensuring the refund of the client’s amount and draw.
Legal Remedy
According to the settlement agreement, the builder agreed to refund the amount paid by Sangeeta Malik, totaling Rs. 6,13,000/-, with an additional interest amount of Rs. 4,43,375/-. Thus, the total amount to be received by the client was Rs. 10,23,121/-.
Installment Payment Schedule: To fulfill the settlement agreement, the promoter agreed to pay the total amount in three installments, with specific due dates:
First Installment: A sum of Rs. 5,11,560/- was to be paid to Sangeeta Malik by January 10, 2021, via cheque.
Second Installment: Rs. 1,01,440/- was scheduled to be paid to the client by February 10, 2021, via cheque.
Third Installment: The remaining sum of Rs. 4,10,121/- was to be paid to Sangeeta Malik via cheque by February 10, 2021.
Solution
Through legal intervention of maxleben advisory and the subsequent settlement agreement, Sangeeta Malik secured a refund of her canceled amount from builder and an additional interest amount. The promoter agreed to pay the total refund amount in three installments, adhering to the payment dates outlined in the settlement agreement.