Keystone Realtors Pvt. Ltd. Vs Oshiwara Mhada Gaondevi Complex Co-Operative Housing Association Ltd. and 7 Ors.

1] The learned counsel for the Respondent has placed before me the details of term deposit with Saraswat Co Operative Bank Limited which reveal that the fixed deposit shall mature on 13.11.2023 with the maturity amount of Rs.1,59,82,954/-.

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Since the amount of Rs.1 Crore came to be deposited by the Petitioner with the Respondent, pursuant to his tender document being accepted, towards earnest money deposit, but ultimately since the work of redevelopment could not progress in the wake of pendency of some litigation, the Petitioner seek refund of his EMD alongwith interest accrued thereon.

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2] The learned counsel for the Respondent make a categorical

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(10)carbp-475-2020.doc

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statement that for the purpose of refunding the principal amount to the Petitioner in term of EMD alongwith interest that has accrued thereon, it shall liquidate the term deposit and pursuant thereto make payment of Rs.1,51,00,000/- in favour of the Petitioner within the period of one week from liquidating the term deposit.

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3] Upon such statement being made, the learned counsel for the Petitioner seek permission to withdraw the Petition.

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Arbitration Petition stands disposed off in the above terms.,

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[BHARATI DANGRE, J]

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Keystone Realtors Pvt. Ltd. v. Oshiwara Mhada Gaondevi Complex Co-Operative Housing Association Ltd. and 7 Ors.

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Keystone Realtors Pvt. Ltd. v. Oshiwara Mhada Gaondevi Complex Co-Operative Housing Association Ltd. and 7 Ors.

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