SUMEET PATNEY Vs. VATIKA LTD.

JUDGEMENT

(1.) Heard Mr. Hemendra, Advocate, for the complainant

(2.) Col. Sumeet Patney has filed above complaint for directing the opposite party (i) to fully foreclose the ICICI bank loan of Rs.9209677.00 together with any additional charges, interests or penalties as levied by the bank; (ii) to pay Rs.129017.00, as interest at the rate of 15% per annum from 15/5/2017 to 7/8/2017 and also Rs.10682.00 on account of interest on TDS refund for the period 15/5/2017 till date, for the delayed payment on the principal amount; (iii) to pay back Rs.126326.00 towards the TDS refund that has been deducted from his receipts; (iv) pay Rs.500000.00, as the compensation for mental agony and harassment, (iv) pay Rs.200000.00, as the costs of litigation.

(3.) The complainant stated that the opposite party was a company, registered under the Companies Act, 1956 and engaged in the business of development and construction of group housing project. The opposite party launched a group housing project, in the name of 'Sovereign Next' at village Shikohpur, Sector-82-A, Gurgaon, Haryana. The complainant booked a 3BHK+S flat in said project and deposited Rs.500000.00 as the booking amount on 30/9/2014. The opposite party allotted Apartment No.001, Block K, super area 2745 sq.ft., sale price of Rs.25402230.00. Payment plan was 'subvention' plan, under which, the complainant had to pay 15% of sale price, 70% sale price had to be arranged from Bank Loan and 15% of sale price was payable on offer of possession. The opposite party agreed to pay Pre-EMI for a period of 30 months from the date of booking. The complainant paid Rs.3447004.00 4/11/2014. The Builder Buyer Agreement and Buy Back Agreement were signed between the parties on 26/11/2014. The complainant applied for a loan which was sanctioned by ICICI bank on 5/12/2014 and Rs.6739296.00 was disbursed on 5/12/2014 and Rs.2470381.00 was disbursed on 11/12/2014 to the opposite party. Buy Back Agreement gives liberty to the buyer to surrender the apartment after 30 months, from the date of booking and on surrender, the opposite party agreed to refund entire amount of the buyer with a premium of Rs.1000.00 per sq.ft. and pre-pay the loan of the bank. The complainant surrendered his flat on 19/1/2017 to opposite party as per the buyback agreement. The opposite party promised to pay the amount due to the complainant in two parts by 30/6/2017 and 30/7/2017 and to foreclose the bank loan by August 30, 2017 and pay EMI until the loan is foreclosed. The opposite party paid Rs.2745000.00 i.e. the amount of premium on 3/7/2017 and Rs.3947003.00 i.e. the principal amount on 7/8/2017, to the complainant. Although these amounts were payable on or before 15/5/2017 under Buy Back Agreement but the opposite party did not pay interest for delayed payment. The opposite party deducted Rs.126326.00 towards TDS. The opposite party did not foreclosure of loan ICICI Bank, taken by the complainant till October 30, 2017. The complainant gave a legal notice to opposite party through his counsel demanding foreclosure of the bank loan till 15/12/2017. In spite of service of legal notice the opposite party did not respond. Then this complaint was filed on 27/12/2017.