FAIRWEALTH HOUSING PRIVATE LIMITED
- No of Complaints: 40
- States (Active in): Rajasthan
| CIN | U70200HR2009PTC039709 |
|---|---|
| Year Established | 17-Nov-09 |
| Address | 651-652, UDYOG VIHAR PHASE - V GURGAON GURGAON HR 122001 IN |
| Company Status | Private |
Introduction
Fairwealth Housing Private Limited operates primarily in Rajasthan and has gained attention within the real estate sector. This blog aims to analyze the builder's legal standing through the lens of complaints and case outcomes to help potential buyers make informed decisions.
Legal Overview of Fairwealth Housing Private Limited
Complaints and Case Outcomes
Fairwealth Housing Private Limited has received a total of 40 complaints. Remarkably, the builder has won all 40 cases, with no losses to report. However, it is essential to note that these victories mostly stem from cases being dropped due to external legal processes rather than the builder's actions or failure to meet contractual obligations.
Legal Case Details
The legal cases concerning Fairwealth Housing Private Limited are intriguing for several reasons:
- All cases filed against the builder were dropped, primarily due to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the respondent company, drawing a clear correlation between the company's financial distress and the resultant legal implications.
- The nature of these cases suggests a lack of substantive disputes directly attributable to the builder’s performance since the outcomes were predominantly centered around procedural legalities rather than judicial evaluations of the builder’s conduct.
Analysis of Patterns
Common Factors in Cases Dropped
- Corporate Insolvency Resolution Process: The most striking pattern is that all cases against Fairwealth Housing were dismissed due to the initiation of CIRP. This indicates significant financial challenges within the organization that may affect its operational capacity and its ability to fulfill commitments to buyers.
- Moratorium Usage: Many cases highlight references to moratoriums imposed by the National Company Law Tribunal (NCLT), further emphasizing the company's current financial predicament and the inability to pursue legal matters until the insolvency process is resolved.
Observations on Winning Cases
Despite winning all cases technically, the victories reveal a troubling situation:
- Lack of Active Legal Defense: The absence of losses does not imply that all is well within the company. On the contrary, it suggests that the builder has failed to engage in a robust legal defense or remedy concerns expressed by complainants.
- Sustained Legal Struggles: There is an underlying threat regarding the ongoing insolvency process that has overshadowed the builder’s legal record, raising concerns about long-term sustainability and reliability.
Conclusion
Overall Assessment
The situation surrounding Fairwealth Housing Private Limited is complex. While they have an unblemished record in terms of case outcomes, these victories are primarily a result of external legal pressures rather than indications of operational success or customer satisfaction. The ongoing Corporate Insolvency Resolution Process casts a long shadow, implying potential risks for future buyers and stakeholders.
Tips for Potential Buyers
- Due Diligence: Verify the current status of the builder's projects and review the latest news regarding the Corporate Insolvency Resolution Process.
- Evaluate Financial Health: Assess the financial transparency of the builder, looking for recent audits or financial statements that might reveal more about their long-term viability.
- Seek Feedback: Speak with current or past customers to gauge satisfaction levels with their investments and experiences with the builder.
General Tips for Selecting Any Builder
- Research Reputation: Check online reviews, testimonials, and legal histories to form a holistic view of potential builders.
- Assess Compliance: Confirm that the builder complies with local regulations, housing authorities, and industry standards.
- Understand Contracts: Always read the fine print in contracts and seek legal counsel if needed to ensure there are no hidden liabilities.
In conclusion, while Fairwealth Housing Private Limited maintains a presence in the real estate market, potential buyers should exercise caution and conduct thorough research before making any commitments.
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Here you’ll find cases where others sued the builder, but the builder won. We’ve included a summary and key insights from each case.
An analysis of the cases filed against the builder, Fairwealth Housing Private Limited, which the builder won, revealed the following information. The cases primarily revolved around the initiation of the Corporate Insolvency Resolution Process (CIRP) against the builder. This legal framework often pertains to financial distress and aims to resolve debts while protecting the builders from litigation during the resolution period. As a result, several cases brought forth were dropped from the court's cause list owing to this ongoing process, indicating that the primary reason for bringing disputes to court was perhaps a misunderstanding of the implications of corporate insolvency and its effect on pending legal matters.
The recurring theme in these cases was the CIRP, which resulted in many disputes being put on hold. Potential reasons for the initiation of such claims may include contestations over penalties for delays, claims of project non-compliance, or financial grievances from clients. However, the overwhelming evidence points to the fact that many of these claims were either circumstantial or decided due to procedural constraints, rather than the builder's failure to deliver.
The builder won the cases due to several factors, namely the initiation of the CIRP which led to the case being dropped, insufficient evidence from the opposing parties, and the legal protections afforded during the insolvency proceedings. This indicates a solid comprehension of the regulations and an effective legal defense team capable of responding to disputes, which were often based on misunderstandings or misinterpretations of contract terms.
This analysis sheds light on Fairwealth Housing Private Limited's reputation within the real estate sector. The ability of the builder to successfully navigate the intricacies of these legal challenges implies a certain level of operational integrity and competency. It's important to note that misunderstandings may arise on the buyer’s side, potentially resulting in false or exaggerated accusations. Hence, it appears that this builder stands resilient against unwarranted claims, showing readiness to defend itself vigorously.
In conclusion, potential buyers are advised to engage in due diligence before forming opinions regarding builders. The real estate market can often be fraught with disputes, yet the evidence from this analysis suggests that builders such as Fairwealth Housing Private Limited can adeptly fend off unfounded claims. It’s vital for buyers to approach each situation with caution and seek comprehensive information about builders to make well-informed decisions.
This table provides an analysis of individual cases that contributed to the summary above. Click on any row to expand and view complete details, and use the "Show More" button to load additional rows as needed.
| Case Number | State | Summary | Case Topic | Detailed Summary | Appellant Name | Respondent Name | Source |
|---|---|---|---|---|---|---|---|
| RAJ RERA -C-2019-33… | Rajasthan | The case was dropped from the cause list due to t… | ["Corporate Insolve… | {"appellant_claim": "Not provided", "respondent_c… | AB Krishnan | Fairwealth Housing … | https://rera.rajasthan.gov.in/Content/pdf/44802019-3336.pdf |
| RAJRERA-C-2021-4533 | Rajasthan | The case was dropped from the cause list due to t… | ["Corporate Insolve… | {"appellant_claim": "Not provided", "respondent_c… | Mahendra Khandelwal | Fairwealth Housing … | https://rera.rajasthan.gov.in/Content/pdf/82192021-4533.pdf |
| RAJ-RERA-C-2021-4716 | Rajasthan | The case was dropped from the cause list due to t… | ["Corporate Insolve… | {"appellant_claim": "Not provided", "respondent_c… | Dilip Singh Chouhan | Fairwealth Housing … | https://rera.rajasthan.gov.in/Content/pdf/35112021-4716.pdf |
| RAJRERA-C-2022-5221 | Rajasthan | The case was dropped from the cause list due to o… | ["Corporate Insolve… | {"appellant_claim": "Not provided", "respondent_c… | Sarbjeet Singh | Fairwealth Housing … | https://rera.rajasthan.gov.in/Content/pdf/60462022-5221.pdf |
| RAJ RERA-C-2019-325… | Rajasthan | The cases were dropped from the cause list due to… | ["Corporate Insolve… | {"appellant_claim": "Not provided", "respondent_c… | Dhanesh Kumar Rajpal | Fairwealth Housing … | https://rera.rajasthan.gov.in/Content/pdf/20842019-3254.pdf |