V.K. Jain, Presiding Member—Mr. Abhijit Malkani and Mrs. Simrin Malkani booked a residential flat in a project namely ‘Parsvnath Exotica’, which the parsvnath Developers Limited was seeking to develop in Sector 53 of Gurgaon and executed a flat-buyers agreement with the said company on 08.2.2010. Flat No. C-4-601 in Tower C-4 of the said project was allotted to them by Parsvnath Developers for a basic price of Rs.1,55,52,600/-. The said allotment was purchased by the complainants from Mr. Abhijit Malkani and Mrs. Simrin Malkani and was endorsed by Parsvnath Developers in their names on 06.5.2013. The learned counsel for the opposite party states that later on, Parsvnath Hessa Developers Pvt. Ltd. was incorporated as a SPV to complete the project in which the allotment was made and therefore, a tripartite agreement dated 26.4.2013 was executed between the complainants, Parsvnath Hessa Developers Pvt. Ltd. and HDFC Bank Ltd., in order to enable the complainants to take a loan for the said flat. The permission to mortgage the said flat was also issued by Parsvnath Hessa Developers Pvt. Ltd. to HDFC Ltd. vide letter dated 26.4.2013.

2. In terms of Clause 10(a) of the Flat Buyers