https://www.taxtmi.com/caselaws?id=756297 SC upheld NCDRC's direction for developer to refund entire amount deposited by flat buyers due to inordinate project delay and failure to deliver possession within stipulated time. Developer's force majeure defense regarding layout plan sanctioning delay was rejected, citing precedent. However, SC modified interest rate from 9% to 12% per annum as per agreement clause, noting buyers suffered without fault while making full payment but being deprived of timely possession. Appeal allowed partially. en-us Mon, 29 Jul 2024 00:00:00 +0530 Wed, 31 Jul 2024 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756297 SC upheld NCDRC's direction for developer to refund entire amount deposited by flat buyers due to inordinate project delay and failure to deliver possession within stipulated time. Developer's force majeure defense regarding layout plan sanctioning delay was rejected, citing precedent. However, SC modified interest rate from 9% to 12% per annum as per agreement clause, noting buyers suffered without fault while making full payment but being deprived of timely possession. Appeal allowed partially. Case-Laws Indian Laws Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756297