Budhrani Housing Developers Deposits ₹7.36 Crore In Bombay High Court Following Contempt Warning

Budhrani Housing Developers Deposits ₹7.36 Crore In Bombay High Court Following Contempt Warning

The court, on February 6, had directed the developer to deposit Rs7.6 crore, which is 50% of the outstanding amount, in a dispute related to office premises in a building in Andheri East.

Urvi MahajaniUpdated: Friday, February 09, 2024, 03:24 AM IST
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Bombay High Court | PTI

Budhrani Housing Developers Pvt. Ltd have deposited a sum of Rs 7,36,29,000 in the Bombay High Court on Thursday, pursuant to court's order. 

The court, on February 6, had directed the developer to deposit Rs7.6 crore, which is 50% of the outstanding amount, in a dispute related to office premises in a building in Andheri East. Failing which, the court had warned of initiating contempt action against the developer.

During the hearing, advocate for the developer informed that they have brought 12 pay orders totalling to Rs 7,36,29,000 

However, petitioners advocate said that as per the calculations, the 50% of the total outstanding as stated in the order dated February 6, 2024 comes to Rs. 7,66,02,506. It is submitted that pay orders are short for sum of Rs. 29,73,506. 

Justice Gauri Godse permitted them to deposit the amount and asked the developer's advocates to inform “as to in what manner and within how much time, the compliance with respect to balance payment towards the total outstanding shall be made”. They have to inform the court on February 9. 

The HC was hearing a contempt petition by one Ashok Narang and 12 others contending that the developer failed to comply with the Consent Terms signed between the parties in 2017 over the ownership of their premises in Krishna Business Park on Saki Vihar Road in Andheri East. 

According to consent terms signed between Budhrani and one of the petitioners, Ashok Narang, in December 2017, Budhrani had issued a letter of allotment on February 5, 1995, in respect of the office premises in Krishna Business Park in Andheri East for a total price of Rs8,77,500. Narang paid Rs8,58,000 of the amount.

As the developer failed to abide by the terms, the petitioners approached the City Civil Court, where they decided to settle the matter amicably. Consent terms were signed between the parties, and when the developer failed to comply those, the petitioners filed contempt plea in the HC. 

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