Inner Urban Infra Estate Pvt Ltd. and Allottees Reach Settlement in Karnataka Real Estate Appellate Tribunal
Inner Urban Infra Estate Pvt Ltd. and allottees find resolution in Karnataka Real Estate Appellate Tribunal. Learn how the dispute was settled amicably. #RealEstateSettlement #KarnatakaTribunal
In a significant development, Inner Urban Infra Estate Pvt Ltd. and the allottees involved in a real estate dispute have successfully reached a settlement through conciliation proceedings in the Karnataka Real Estate Appellate Tribunal. This milestone resolution marks a significant step towards resolving the conflict and highlights the effectiveness of the legal system in addressing disputes within the real estate sector. This article provides a comprehensive overview of the case, the conciliation process, and the terms of the settlement.
Appeal (K-REAT) No. 10/2023 was filed by Inner Urban Infra Estate Pvt Ltd., a prominent real estate company, against the Karnataka Real Estate Regulatory Authority (RERA), Mr. Dibya Ranjan Mohanty, and Ms. Simlin Patnaik, the allottees. The appeal sought to challenge the order issued by RERA, Bengaluru, in CMP/211126/0008636.
This appeal was filed under Section 44 of the Real Estate (Regulation and Development) Act, 2016, with the appellant requesting a reversal of the Authority, RERA, Bengaluru's decision in CMP/211126/0008636.
Under the guidance of the Karnataka State Legal Services Authority, the conciliation proceedings were held before the Lok Adalat in the Karnataka Real Estate Appellate Tribunal in Bengaluru on the 11th day of February 2023. The conciliation panel consisted of Honorable Sri Justice B. Sreenivase Gowda, Chairman, and Sri S. Shashank, Advocate Conciliator.
After thorough deliberations and discussions, both parties, along with their authorized representatives and legal counsels, successfully settled their dispute amicably. The terms of the settlement, as outlined in the Joint Memo of Settlement, are as follows:
Inner Urban Infra Estate Pvt Ltd. agreed to release a sum of Rs. 8,00,000/- (Rupees Eight lakhs only) to Mr. Dibya Ranjan Mohanty and Ms. Simlin Patnaik, the allottees. This amount represents full and final settlement for the interest accrued during the delayed period from 30.05.2019 to 30.10.2023, which includes the completion of pending work identified by the Inspector appointed by RERA.
The allottees agreed to receive the aforementioned sum as full and final settlement for their interest claim during the same delayed period. The remaining amount, along with any accrued interest, will be released to Inner Urban Infra Estate Pvt Ltd.
Voluntary Settlement and Conclusion:
The settlement reached by the parties involved was voluntary and based on their free will, without any force or coercion. It was an outcome of extensive negotiations and discussions facilitated by the conciliation panel. Both parties have confirmed that, apart from the subject matter of the complaint and the appeal, they have no further claims against each other.
In light of the settlement, the Karnataka Real Estate Appellate Tribunal issued the conciliation order, disposing of Appeal (K-REAT) No. 10/2023. The Joint Memo of Settlement and the Memo of Authorization have been considered integral parts of the order. The tribunal directed the registry to release the specified sum to the allottees and refund the remaining amount, along with any accrued interest, to Inner Urban Infra Estate Pvt Ltd.
The settlement reached between Inner Urban Infra Estate Pvt Ltd. and the allottees in the Karnataka Real Estate Appellate Tribunal serves as a shining example of how disputes within the real estate sector can be resolved amicably through conciliation. This outcome demonstrates the effectiveness of alternative dispute resolution mechanisms in the legal system and highlights the commitment of all parties involved to find a mutually beneficial solution.
By opting for conciliation, both Inner Urban Infra Estate Pvt Ltd. and the allottees were able to avoid prolonged litigation and its associated costs, while also preserving their professional relationships. The successful resolution of this case showcases the importance of open communication, negotiation, and compromise in reaching settlements that satisfy all parties.
The Karnataka State Legal Services Authority, along with the conciliation panel, played a crucial role in facilitating the discussions and guiding the parties towards a resolution. Their expertise and dedication to ensuring a fair and equitable outcome should be commended.
This settlement not only brings closure to the immediate dispute but also sets a positive precedent for future cases in the real estate sector. It underscores the importance of proactive measures, such as conciliation, to address conflicts promptly and efficiently. Such alternative dispute resolution methods can help alleviate the burden on the judicial system and contribute to a more harmonious and productive environment within the real estate industry.
Moving forward, it is hoped that this successful settlement will inspire other stakeholders in the real estate sector to consider conciliation as a viable means of resolving disputes. By embracing alternative dispute resolution mechanisms, parties can not only save time and resources but also foster a culture of collaboration and cooperation, ultimately benefiting all involved.
Note: The information provided in this article about Karnataka Real Estate Regulatory Authority (KRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the APPEAL (K-REAT) NO. 10/2023 before the Karnataka Real Estate Regulatory Authority
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