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Real Estate Appellate Tribunal directs Appellant-developer to make pre-deposit of 50% of penalty for filing appeal

October 7, 2020[2020] 120 taxmann.com 54 (Bombay)
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COMPANY LAW : Where appellant was engaged in developing plots of land and it had entered into an agreement for allotment and sale of six plots within project, together with a constructed building, to respondent / allottee, however, possession of building was not handed over to allottee on time, thus Adjudicating Officer ordered appellant to pay compensation to allottee, in view of fact that appellant was a promoter, appellant was required to make pre-deposit of 50 per cent of penalty amount, as required for filing appeal against order of Adjudicating Officer

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