NCLT dismisses lawsuit demanding probe into affairs of Indiabulls Housing Finance

Industry:    11 months ago

The National Company Law Tribunal (NCLT) has dismissed a lawsuit demanding an investigation into the affairs of Indiabulls Housing Finance that was brought to court by Supertech Realtors.

Supertech Realtors alleged that Indiabulls Housing Finance had illegally deducted excess sums of money from its loan account.

In its lawsuit, the real estate firm alleged that the total sum accrued to it was ₹5,873 crore but Indiabulls Housing Finance deducted ₹6,150 crore from its loan account. It alleged that this was a fraudulent act which had public interest ramifications because it would impinge on its ability to deliver flats to customers.

Supertech Realtors is infamously known for having two of its multi-storeyed buildings destroyed via a controlled implosion, which was televised nationally, after the Supreme Court found the structures to have violated environmental guidelines.

A RBI order of September 9, 2022, which was produced in court by Indiabulls Housing Finance, said that the dispute was a bilateral matter to be settled between the parties involved. “The parties based on their commercial wisdom have entered into contractual obligations and commitments on their own choice and free will,” it said. “Therefore, allegations of illegality now alleged by Supertech cannot form (the) basis of any relief.” Supertech Realtors complained in court that the RBI had found Indiabulls Housing Finance guilty of having breached the regulator’s guidelines and fair practices code but only issued a warning to the company. It demanded sterner action.

print
Source: