Treatment of pre-deposit under Section 43(5) of Real Estate (Regulation and Development) Act, 2016 in case Promoter’s appeal is dismissed as withdrawn on settlement between Allottees and Promotors | Recovery of balance pre-deposit in case of appeal dismissed – Greater Noida Industrial Development Authority (Greater NOIDA) Vs. Sachin Verma – Uttar Pradesh REAT
In this important judgment, Hon’ble Bench of Uttar Pradesh REAT held that:
(i) It is the duty of the Tribunal to arrange to transfer the pre-deposited money to the concerned allottee/consumer in case the promoter’s appeal is dismissed.
(ii) However, since the promoter might not have paid the full payable amount or there being a prospect of some amount having already been recovered from the promoter under execution proceedings at the level of the Authority or AO, it is just and lawful that the Tribunal transfers the amount to the Authority for transferring the same to the allottee/consumer after due diligence at its end and to recover any additional amount which could be due to be paid by the promoter; or return to the promoter any amount that could be in excess of the entitlement of the allottee/consumer.