Mantri Developers to refund Rs 7.12 crore to members of residents’ association in Bengaluru

The commission originally ruled in favour of the residents in a January 2022 order, stipulating that interest on the total sum would be set at six per cent, calculated from September 1, 2017, to be paid within six weeks of the order. Any further delay would incur an interest rate of nine per cent per annum.

The residents’ association noted that warrants had been issued against Sushil, Pratik, and Snehal Mantri after “years of inactivity” in the matter. The bailable warrants against Pratik and Snehal Mantri were put on hold by the Karnataka High Court pending their appearance before the commission. The association was represented in the matter by advocate Anirudh Suresh, while Snehal and Pratik Mantri were represented by senior advocate Shyam Sundar. The Indian Express had reported on the warrant issued against Sushil Mantri.

The counsel for the residents, Anirudh Suresh, noted that warrants had been issued against Sushil, Pratik, and Snehal Mantri after “years of inactivity” in the matter. The bailable warrants against Pratik and Snehal Mantri were put on hold by the Karnataka High Court pending their appearance before the commission. The Indian Express had reported on the warrant issued against Sushil Mantri.

The association said in a statement, “In a recent court hearing on September 23, 2024, Mr. Sushil Mantri, representing Mantri Developers, appeared before the NCDRC and confirmed that the company is ready to refund the principal amount to the homebuyers.”