Sheth Developers Pvt. Ltd. v. Beau Monde a Tower Co-Operative Housing Soceity Ltd. and 3 Ors.
Case brief
What is this about?
High Court bench affirmed the Single Judge's interim order requiring developers to deposit corpus funds collected under the Agreements for an Apex Body. The court upheld the deposit of Rs. 15.67 Cr and Rs. 7.11 Cr with interest, allowing developers to seek withdrawal only after submitting verified accounts of expenses via appointed chartered accountants.
What did the court decide?
Impugned order worth Rs. 15.67 Cr and Rs. 7.11 Cr was confirmed. Fixed deposit receipts were ordered to be deposited with the Prothonotary. Time was granted for balance deposit.