The Maharashtra Real Estate Appellate Tribunal recently heard a case involving M/s. Keystone Realtors Pvt. Ltd. and the applicants, Sonal Tejas Shah and Tejas Ravi Shah. The case was heard through a video conference on April 21st, 2023, and the parties' advocates were present.
During the hearing, the Applicants' counsel informed the tribunal that they were interested in exploring the possibility of a settlement. The counsel for the non-applicant had no objection, and the case was adjourned to July 3rd, 2023, for hearing or settlement. This article will examine the details of the case and what a potential settlement could mean for both parties.
Background of the Case
The case involves a dispute between the Applicants and Keystone Realtors over a real estate matter. The details of the dispute have not been disclosed, but it is likely related to a transaction or contract between the parties.
The case was filed in the Maharashtra Real Estate Appellate Tribunal, which is a quasi-judicial body established under the Real Estate (Regulation and Development) Act, 2016. The tribunal has the power to hear and adjudicate disputes related to real estate matters, including complaints against developers and builders.
Details of the Hearing
During the hearing on April 21st, 2023, the Applicants' counsel informed the tribunal that they were interested in exploring the possibility of a settlement. The counsel for the non-applicant had no objection, and the case was adjourned to July 3rd, 2023, for hearing or settlement.
As part of the agreement, the Applicants' counsel agreed to serve a copy of the Miscellaneous Applications and the complete set of the appeal memo to the non-applicant within three days of the hearing.
Implications of a Settlement
A settlement could have significant implications for both parties in the case. If a settlement is reached, it would mean that the parties have agreed to resolve their dispute without going through a full trial or hearing. This could save both parties time and money in legal fees and other costs associated with litigation.
However, the terms of the settlement would need to be agreed upon by both parties, and it is unclear what those terms might be. The settlement could involve one party paying the other a sum of money, or it could involve some other kind of agreement or arrangement.
It is also possible that the parties will not be able to reach a settlement, and the case will proceed to a full hearing on July 3rd, 2023. In that case, the tribunal will hear arguments from both sides and make a ruling based on the evidence presented.
The Maharashtra Real Estate Appellate Tribunal's consideration of a settlement in the Keystone Realtors case is a significant development in the dispute between the parties. If a settlement is reached, it could save both parties time and money in legal fees and other costs associated with litigation. However, the terms of the settlement are unclear, and it remains to be seen whether the parties will be able to reach an agreement.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) 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.
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