LIJO STEPHEN CHACKO Vs. UNION OF INDIA

JUDGEMENT

(1.) The appellants in this Miscellaneous Second Appeal (MSA) filed under Sec. 43(5) of the Real Estate Regulation and Development Act, 2016 (the Act) are the Promoters/respondents in Complaint - CCP No. 50/2022 filed by the Allottee before the Adjudicating Officer.

(2.) The complaint filed by the Allottee before the Adjudicating Officer was allowed, declaring that the Allottee is entitled to get compensation of Rs.1,69,80,000.00 with interest at the rate of 14.85% per annum from 8/2/2021 till realization from the Promoters and their assets along with a cost of Rs.25,000.00.

(3.) The Promoters filed the appeal as REFA No.94/2023 before the Appellate Tribunal challenging the Order of the adjudicating Officer. Promoters filed I.A No. 2/2024 seeking exemption from statutory deposit under the Proviso to Sec. 43(5) of the Act. The Appellate Tribunal its Order dt 3/5/2024 dismissed I. A No. 2/2024 directing the Promoters to make deposit of the entire amount due under the impugned order by way of Fixed Deposit with the Appellate Tribunal for a period of one year drawn on any Nationalised Bank functioning within the Ernakulam District and to make such deposit within one month from the date of the said order. This MSA is filed by the Promoters challenging the said Order of the Appellate Tribunal in I.A No. 2/2024 in REFA No. 94/2023.