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Real estate developer filed a case of Cheque Bounce against a real estate company and has been awarded the compensation of Rs 26 crore by the court while the six partners of the real estate company have been imprisoned for a term of a year.
The court has directed the six partners of Vinayak Enterprise (real estate company) to pay compensation of over Rs 3.7 lakh each to the complainant and failure to do so will land them up in jail for a term of three months.
The complainant submitted before the Justice RD Chougale that the partners of Thane based real estate company, Vinayak Enterprise had entered into an agreement with him in May 2006 to provide him developmental rights in the 60 acres land in consideration of Rs 85 crore. He further submitted that the payment of Rs 8.5 crore has been done by him initially.
Mr. Gope Madhavdas Rochlani of Madhav Construction is the complainant in the instant case and he further submitted before the court that the deal arranged between them was canceled at the last minute by the real estate partners and they also agreed to return his money along with the compensation, profit and escalated cost of land. He further submitted that he received cheques worth Rs 16.50 crore in the month of August and October 2008. However, the cheques so received by him bounced.
After hearing the counsels on behalf of the complainant and accused it was held by the court that considering the rate of interest granted on the fixed deposit by the nationalised banks, it is just and reasonable that compensation of Rs 26 crore is granted to the complainant.
It was further held by the court that leniency cannot be shown towards the accused as they are already convicted for different offences under the Negotiable Instrument Act by Metropolitan Magistrate Bandra.