V.K. Jain, Presiding Member—Ghaziabad Development Authority (GDA) started construction of 14 Multi-storied Residential Apartment Towers. However, the construction of the aforesaid residential towers ran into difficulties and came to be a grinding halt, in the year 1995. The Authority then decided to dispose them off, either through an outright sale/lease deed or through a joint venture agreement, where the joint venture would complete and market the flats on behalf of the GDA in such a manner that it was able to recover full cost of its investment and highest possible margin, without any further risk on its investments and thereafter, allow the joint venture partner to obtain a return on its investments. The flats were to be advertised and marketed by the joint venture partner and the deed of conveyance was to be executed only by GDA, which continued to be the sole owner of the property.

The opposite party which is a partnership firm of two companies submitted highest bid for Module II in Indirapuram Scheme, which was accepted by the GDA. As per the MOU executed between the opposite party No. 1(hereinafter referred to as the developer) and GDA, a Monitoring Committee under the