Courtesy Mr Aashish Kaul (FAOA,GF)
This is the link for the case between Countrywide Promoters Pvt. Ltd & Era Landmark Ltd .
http://indiankanoon.org/doc/57657175/ This relates to Dispute that arose between Era & Countrywide, when Era stopped the payment of Cheques amounting to Rs.13 Crore to Countrywide as its due towards EDC.
The Total EDC to be collected for 1042-1061 was (approx.)24 crore,out of which Era was to pay 13 crore of its share to Countrywide.
Several cheques amounting to Rs.13 Crore(approx) were issued by Era to be paid to Countrywide(BPTP). But BPTP could not en-cash these cheques as Era declared stop payment on the cheques.
Latter the case was filed by BPTP in front of Majistrate in Delhi court. Which declared 3 directors of Era to be responsible for violation of Section 138 of Negotiable instrument Act.
(See enclosed what is Section 138 of Negotiable---).
All the Three accused Directors went to Delhi high court against the order of Magistrate, The Delhi High court in the Judgement said that out of the 3, 2 Directors are responsible for the crime. And released all charges against the third director of Era.
The Delhi high court sent back the 2 Accused directors to face law in the Court of Magistrate.
In this documents it is clear that a MOU was signed between Era & Countrywide and latter a Development Rights Agreement was signed between the Two companies dated 13/4/2007 (The one which they deposited to Suresh Chand ASI,EOW on our complaint).
Also a Share purchased Agreement was signed on 05-05-2008, for transfer of the agreed Land. i.e Era divine Court, Sector 76,Fbd.
IMPACT ON US1) When a Home buyer buys a House/flat/floor.. than his interest on the land proportionate to the share of his dwelling unit is created. In this case, How can the Era Landmarks, who is selling and constructing units by charging from me, provide the undivided share on the land to me when it is not the land owner.
2. This case clearly shows that between these two illegal collaborators who have not only evaded stamp duty of the Govt, there would always arise disputes, which would take years to settle either through mediation or process of Judiciary which would in fact put me at the mercy of both these collaborates whims and fancies.
Now the fact that a dispute is going on in Courts between Era & BPTP on Era Divine court is established Fact.
This means That till the time , when either Courts decides the case or both the companies decide to compromise, Fate of our flat is in their hand.
We have to find what is going on in the Court of magistrate in Delhi regarding this case too now.
Best of Luck to all.