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2018 (5) TMI 2023 - SC - Indian LawsWork undertaken by the said codeveloper and the promoter - time limit for completion for undertaking the project - HELD THAT:- There are certain unsold units in the various projects that have to be firstly adjusted by making swapping as agreed to, after that the remaining available units may also be permitted to be sold. In this regard, a proposal would be submitted as and when swapping process is completed and the details of property to be sold and amount of offer by the prospective buyers, be indicated by this Court. The proposal will be submitted for consideration so that appropriate orders may be passed by this Court. Let the Committee constituted by us also to supervise the swapping part - Eight weeks’ time is granted to the buyers for the purpose of applying for swapping and decision shall be taken within 15 days from the date of application for the purpose of swapping is filed before the promoters. In case there is any difficulty in swapping, the Committee is authorized to take care of the grievances and to guide the promoters as well as the buyers. There are certain ‘C’ category projects. With respect to those projects also, as they are not taken care of during swapping or there may be certain buyers not willing for swapping or certain amount may be required to be refunded to the buyers, who are not intending to purchase now and not opting for swapping or/and is not feasible, to take up those projects. The promoter shall also file its proposal with respect to such buyers who want their money to be refunded. Let that proposal be also filed after swapping is done indicating therein as to how many persons require to refund the money. The buyers in ‘C’ category projects only who are intending to obtain refund, may also submit their proposal to the concerned promoter in the meantime, within one month from today - The promoters with respect to Silicon Valley have applied for connection for electricity, sewerage and water, as per order passed by this Court on 10.5.2018. The aforesaid order be carried out punctually. The promoters of the Silicon Valley has undertaken to make the payment of dues onwards. The matter has been heard in part and requires further hearing. List on 18.7.2018 at 2.00 p.m.
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