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Flat Buyers Entitled To Just & Reasonable Compensation For Gross Delay By Builders In Handing Over Possession: SC

The Supreme court has observed that failure of the developer to comply with the contractual obligation to provide the flat to a flat purchaser within a contractually stipulated period amounts to a ‘deficiency’. In cases where there is a gross delay in the handing over of possession beyond the contractually stipulated period, the jurisdiction of the consumer forum to award just and reasonable compensation is not constrained by the terms of a rate in builders agreement, the bench comprising Justices DY Chandrachud and KM Joseph said. The Court also said it cannot be oblivious to the one-sided nature of Apartment Buyers Agreements which are drafted by and to protect the interest of the developers. It also observed that execution of the Deed of Conveyance by a flat purchaser does not preclude a consumer claim being raised for delayed possession.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.