News: Delhi HC orders Indiabulls housing to reconcile project loan accounts of Supertech-05-05-2022
Realty developer has alleged that they have paid extra amount to Indiabulls and want to financial institution to return the amount and clear the project so that homebuyers can get the flat registered.
The Delhi High Court has asked Indiabulls housing finance to reconcile the project loan accounts of all Supertech Group Companies and to decide refund any amount overpaid to it.
Realty developer has alleged that they have paid extra amount to Indiabulls and want to financial institution to return the amount and clear the project so that homebuyers can get the flat registered.
“Petitioners (Supertech) are directed to furnish a copy of their statement of accounts to the respondent within one week. Respondent (Indiabulls housing finance) shall thereafter, within a further period of one week point out the discrepancies in the accounts furnished by the petitioner if any,” the HC has said in the order.
The matter is listed again on May 13.
The petition is related to disbursement of project loans aggregating Rs 5,363 crore made by Indiabulls Housing Finance and its subsidiary Indiabulls Commercial Credit Limited. Supertech alleges that Indiabulls retained and deducted Rs 707 crore approximately upfront from all loans, and withdrew Rs17.25 crore from Escrow Accounts without adjusting the same against any loan account.
“The initiation of legal proceedings by Supertech is triggered by Indiabulls classifying some of the loan accounts “NPA” which according to us, is illegal as they have over paid money. On on January 31, 2022, the total amount accrued to Indiabulls was Rs 5873.29 crore (including principal amount of Rs 5363.40 crore plus interest of Rs. 509.89 crores approximately),” RK Arora, chairman, Supertech Ltd said.
Against this, they have paid Rs 6353.40 crore. Supertech claims to have paid Rs 277.23 crore extra.
Indiabulls housing finance Ltd could not be contacted.
