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Haryana realty regulator restrains Bank of Baroda from conducting e-auction in CHD E-Way Tower commercial project

The Authority observes that the bank’s e-auction attempt is “devoid of” considering and settling the claims of individual allottees who are stakeholders in the project in question.

The project was launched in 2008-09, but it is still incomplete.

The project was launched in 2008-09, but it is still incomplete.

Taking cognizance of a complaint, the Haryana Real Estate Regulatory Authority (HARERA) restrained Bank of Baroda from conducting an e-auction on January 24 in CHD E-Way Tower at Gurugram's Sector 109, the Authority stated.

The quorum of the Authority, which consists of chairman and three members, observed on January 23 that the bank’s e-auction attempt is “devoid of” considering and settling the claims of individual allottees who are stakeholders in the project in question.

“Bank of Baroda is restrained from the proceedings with the e-auction dated January 24, 2023 being done without considering and settling the claims of individual allottees,” the HARERA order said.

The order added, “Forensic audit of the accounts of CHD Developers Limited should be done to bring out clear picture of the utilization or diversion of funds of invested funds with respect to the project, if any.”