Live or die but refund the money to investors, SC tells builder

The issue was first raised in the Allahabad High Court which had ordered for demotion of these towers. The builder then moved the apex court which stayed demolition but asked for refund. That was not done . It angered the Supreme Court

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 7 Sep 2016 11:10 AM GMT

Live or die but refund the money to investors, SC tells builder
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New Delhi: “Meet a watery grave or die otherwise, but make the payment first”. This kind of comment by the Supreme Court is rather rare. But the apex court made it on Tuesday on a petition filed by investors against a builder who has violated norms and not returned the money paid to him by them.

The builder had constructed two high-rise buildings on the vacant space which was to be used for some other purposes as per the agreement with the buyers. Seventeen of them

Filed a petition demanding return of money which was being delayed by the builder under one pretext or the other.

The two-judge bench of justice Dipak Mishra and justice A K Goel, taking a strong exception to it , said “ we are not concerned with your financial conditions. You have violated the agreement and must return the money to the depositors”.

Also Read: SC criticises Jayalalitha’s action, sends notice to TN government

In its order , later, it asked the builder to refund the amount to each one of them with ten per cent interest since January,2015, within four weeks. It has fixed October 25 for the next hearing of the case and would like to see that its order was implemented without any further delay.

The issue was first raised in the Allahabad High Court which had ordered for demotion of these towers. The builder then moved the apex court which stayed demolition but asked for refund. That was not done . It angered the Supreme Court.

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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