DLF moves Compat challenging CCI order amending buyers’ pact

Feb 08 2013, 01:48 IST
Comments 0
SummaryRealty major DLF has moved the Competition Appellate Tribunal challenging the 104-page supplementary order issued by the Competition Commission of India last month which modified the terms of the buyers' agreement for the Belaire project of DLF.

Realty major DLF has moved the Competition Appellate Tribunal (Compat) challenging the 104-page supplementary order issued by the Competition Commission of India (CCI) last month which modified the terms of the buyers' agreement for the Belaire project of DLF.

Later, CCI extended the modifications suggested by it to DLF's Park Place and Magnolia projects also through two separate orders on January 10. The matter is now listed for February 11.

DLF has argued before Compat, which is already hearing the matter, to set aside the supplementary orders passed by the CCI in January on the grounds that the fair trade regulator was directed only to propose changes and not to pass a formal order.

Compat is hearing DLF's petition against the R630 crore penalty imposed by the CCI in August 2011 for abusing its dominant position in the real estate market.

According to Compat's directions issued on March 29 and November 9 of last year, CCI was asked to give suggestions on the agreement, DLF said in its petition.

On January 3, 2013, CCI passed an order amending the flat buyers' agreement of DLF's Belaire. As per the CCI order, the agreement has been amended to remove the "abusive and unfair conditions present in the original one-sided agreement" and the modifications have been done taking into account the interest of both parties.

The original order was passed by CCI on August 12, 2011, following its inquiries into complaints filed by the flat buyer associations of DLF projects in Gurgaon, Park Palace and The Belaire, alleging delays and increase in the number of floors than planned earlier.

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...