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2017 (11) TMI 1796 - SC - Insolvency and BankruptcyCorporate insolvency process of builders/developers - buyers spent money in investing in the purchase of flats for which schemes were floated by the builders/developers - developer submitted that 90% flats are complete and ready for delivery in the first phase - HELD THAT:- We are inclined to direct as follows: (i) Respondent-builder shall deposit 10% of the dues of Respondent No. 7 before it within four weeks hence. (ii) The phase in respect of which Occupancy Certificate and No Objection Certificate, if granted, the possession of flats shall be handed over to the respective flat owners. (iii) The flat owners will be at liberty to complete the finishing work, if they feel so advised. (iv) The home buyers for whom the flats are not yet been constructed and are interested in refund, can submit their applications to the portal which is to be created by Mr. Pawan Shree Agarwal. (v) Mr. Pawan Shree Agarwal shall create the portal and inform the advocate-on-record for the Respondent-developer. The advocate-on-record for the developer shall give a sum of ` 5 lacs by way of bank draft to Shri Pawan Shree Agarwal so that he can meet the expenses. The directors, other than institutional directors, of the developer company shall remain personally present before this Court on the next date of hearing.
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