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Force majeure plea must be backed by evidence
Business Standard
|July 08, 2024
Patel Realty, a limited company, claimed to be the exclusive owner of a plot in Bengaluru on which it was developing a project called Townsville.
On March 15, 2012, Adyaraj applied for a residential apartment. The builder issued an allotment letter on March 24, 2012, for a 3,477 sq. ft. unit with two parking spaces. After Adyaraj paid ₹5 lakh, a sale agreement was signed on February 26, 2012. The agreement stated that the total cost would be ₹1,76,33,762, and possession would be granted by December 2013, subject to a grace period extending till June 2014.
Adyaraj took a bank loan and paid ₹1,21,47,705 according to the payment schedule. In December 2013, he learned that Patel Realty had undergone corporate insolvency proceedings and merged with Patel Engineering. Construction was incomplete, and the project had been transferred to Infinite Dwelling Pvt. Ltd. via a development agreement.
This story is from the July 08, 2024 edition of Business Standard.
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