Hi,
Our complex is formed of 3 societies & 1 more society is about to come. The builder has not yet registered the society. The apex body is yet to be formed.
The Corpus fund is lying with the builder since 3 - 4 years. My query is, Is the builder liable to pay interest on the Corpus fund ?
& what is the remedy on this ?
Consider the following points,
1) The agreement says the builder would not pay the interest on corpus fund but I don't think this clause is part of the standard agreement. hence the builder can not make use of this clause.
2) The builder is like a trustee of the corpus fund & hence must pay interest on it.
Please advise.
