Why Nbw Issued Against Real Estate Firm Execs Granted Cover?, ET RealEstate

April 18, 2024
1 min read
Why Nbw Issued Against Real Estate Firm Execs Granted Cover?, ET RealEstate


<p>File Photo</p>
File Photo

NEW DELHI: Taking exception to National Consumer Disputes Redressal Commission‘s order issuing non-bailable warrant against directors of a real estate company who were given interim protection by it, Supreme Court has issued notice to two members of the commission who passed the order and sought explanation from them.

The top court had on March 1 granted protection to them against any coercive action but the commission proceeded to issue non-bailable warrant against the directors of the firm Ireo Grace Realtech Pvt Ltd on April 2. The real estate firm brought to court’s notice the impugned order alleging that it was passed in the teeth of the protection granted by SC.

“Having regard to the submissions made that despite an order passed by this Court directing that no coercive steps shall be taken against the Directors of the appellant-Company, the NCDRC has proceeded to issue Non-Bailable Warrants against them, it is deemed appropriate to issue notice to the Presiding Member and the Member of the NCDRC, calling upon them to explain how the order was passed on April 2. Reply to the notice to show cause shall be filed within one week. A copy of this order shall be despatched to the NCDRC forthwith,” the bench said and posted the hearing to April 24.

The court also asked the counsel appearing for the company to take necessary steps to bring the order passed by it to the notice of the NCDRC for perusal and compliance.

In this case, homebuyers invested in Gurugram project had moved the commission for execution of its order by which compensation was awarded but the developers had moved SC against the compensation order. In an interim order, SC granted protection and had restrained the commission from taking any coercive steps against the company and its directors.

  • Published On Apr 18, 2024 at 08:58 AM IST

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