ATMA ASSET RECOVERY AND SALVAGE SOLUTIONS PRIVATE LIMITED

Introduction

When choosing a builder for your property, it's crucial to have transparency and reliability. Atma Asset Recovery and Salvage Solutions Private Limited is a company you may have come across while exploring options in Punjab. This blog post offers an in-depth analysis of the builder's performance based on available legal information.

Builder Overview

Name: Atma Asset Recovery and Salvage Solutions Private Limited
Location: Punjab
Number of Complaints: 6
Cases Won: 6
Cases Lost: 0

Legal Case Details

Atma has been involved in a series of legal cases concerning delays in possession of commercial units, for which the complainants sought refunds and interest. Notably, all six cases resulted in victories for the complainants, as the builder did not present any defense during the proceedings.

Patterns in Legal Cases

Cases Won

The cases that were adjudicated in favor of the complainants shared a common theme:

• Claim Consistency: Each case involved similar claims for refunds and interest due to the builder's delay in delivering commercial units.
• Builder's Absence: The absence of a defense from Atma Asset Recovery and Salvage Solutions was a significant factor. In all cases, the respondent (the builder) failed to appear and provide any justifications, which essentially left the complaints unchallenged.
• Compensation Awarded: The adjudicating officer ordered consistent refunds of Rs.13,71,300 along with interest calculated at the State Bank of India's highest marginal cost of lending rate plus an additional 2%. Furthermore, there was a standard compensation of Rs.75,000 awarded for mental agony and litigation expenses to the claimants in each case.

Cases Lost

Interestingly, there were no recorded losses for the builder in legal proceedings. This lack of losses suggests a complete dependency on the builder's responsiveness and actions during legal disputes.

Conclusion

Atma Asset Recovery and Salvage Solutions Private Limited has a flawless record concerning its legal disputes, having resolved all six complaints in favor of the claimants. However, the success in these cases is attributed to the builder's lack of presence during hearings, which raises concerns about their operational reliability.

Tips for Potential Buyers

1. Research Thoroughly: Given Atma's legal history, it's prudent to conduct comprehensive research into the builder’s past projects and performance.
2. Ask About Delays: When considering a purchase, inquire about any potential delays in possession timelines and how the builder handles such incidents.
3. Seek Transparency: Make sure that the builder provides clear and transparent policies regarding refunds and compensation.
4. Check for Reviews: Look for customer reviews or testimonials to gauge the experiences of others who have dealt with Atma.

General Tips for Selecting a Builder

• Verify Credentials: Ensure the builder is registered and holds all necessary licenses.
• Assess Financial Stability: A financially stable builder is less likely to face project delays due to liquidity issues.
• Investigate Project Quality: Evaluate the quality of previous constructions to ensure they meet your standards.
• Engage with Previous Customers: Speaking directly with past clients can provide insights into the builder's reliability and customer service.

By taking these precautions, you can better assess whether Atma Asset Recovery and Salvage Solutions Private Limited is the right choice for your property investment.

An analysis of the cases filed by the builder, Atma Asset Recovery and Salvage Solutions Private Limited, which it won, revealed the following information. The builder primarily faced disputes related to delayed possession claims, with all cases involving complainants seeking refunds and interest due to delays in receiving their commercial units. Notably, in each case, the respondents failed to appear, presenting no defense against the claims made by the builder. This lack of response played a crucial role in the outcomes of the cases, leading to consistent rulings in favor of the builder.

The summaries indicate a pattern where complaints were initiated largely due to delays in possession, an issue that often leads to frustration from buyers, who seek resolution through legal means. The absence of any defense from the opposing parties suggests that these disputes were straightforward in nature and could have possibly been preemptively addressed prior to litigation.

The consistent victories for the builder can be attributed to the clear lack of evidence or defense presented by complainants. Such situations highlight a disparity where buyers, in their disappointment or misunderstanding, may resort to court claims which can sometimes be unfounded or exaggerated. The refunds ordered by the Adjudicating Officer included not only the principal amount but also interest and compensation for mental agony, emphasizing the legal system's support for buyers while also showcasing the builder's ability to defend its position effectively.

This analysis sheds light on the overall reputation of Atma Asset Recovery and Salvage Solutions Private Limited. While the builder has encountered legal challenges, the outcomes suggest that they maintain a strong berth against unfounded accusations. In the broader context of the real estate market, it serves as a reminder that buyers must critically assess claims before jumping to conclusions. Such disputes illustrate how easily misunderstandings can escalate into legal battles, often with the builder prevailing when claims are unwarranted.

In conclusion, potential buyers should take heed of these insights and prioritize making informed decisions. While legitimate issues may arise in real estate transactions, this analysis indicates that builders like Atma Asset Recovery and Salvage Solutions Private Limited can often vindicate themselves in the face of baseless claims. Buyers are advised to approach accusations judiciously and seek reliable information to form an accurate assessment of a builder’s reputation.