7. Revocation of registration.
(1) The Authority may, on receipt of a complaint or suo motu in this behalf or on therecommendation of the competent authority, revoke the registration granted under section 5,after being satisfied that—
(a) the promoter makes default in doing anything required by or under this Act orthe rules or the regulations made thereunder;
(b) the promoter violates any of the terms or conditions of the approval given bythe competent authority;
(c) the promoter is involved in any kind of unfair practice or irregularities.
Explanation.—For the purposes of this clause, the term "unfair practice means" apractice which, for the purpose of promoting the sale or development of any real estateproject adopts any unfair method or unfair or deceptive practice including any of the followingpractices, namely:—
(A) the practice of making any statement, whether in writing or by visiblerepresentation which,—
(i) falsely represents that the services are of a particular standard or grade;
(ii) represents that the promoter has approval or affiliation which suchpromoter does not have;
(iii) makes a false or misleading representation concerning the services;
(B) the promoter permits the publication of any advertisement or prospectuswhether in any newspaper or otherwise of services that are not intended to be offered;
(d) the promoter indulges in any fraudulent practices.
(2) The registration granted to the promoter under section 5 shall not be revokedunless the Authority has given to the promoter not less than thirty days notice, in writing,stating the grounds on which it is proposed to revoke the registraton, and has consideredany cause shown by the promoter within the period of that notice against the proposedrevocation.
(3) The Authority may, instead of revoking the registration under sub-section (1),permit it to remain in force subject to such further terms and conditions as it thinks fit toimpose in the interest of the allottees, and any such terms and conditions so imposed shall bebinding upon the promoter.
(4) The Authority, upon the revocation of the registration,—
(a) shall debar the promoter from accessing its website in relation to that projectand specify his name in the list of defaulters and display his photograph on its websiteand also inform the other Real Estate Regulatory Authority in other States and Unionterritories about such revocation or registration;
(b) shall facilitate the remaining development works to be carried out in accordancewith the provisions of section 8;
(c) shall direct the bank holding the project back account, specified under subclause(D) of clause (I) of sub-section (2) of section 4, to freeze the account, andthereafter take such further necessary actions, including consequent de-freezing ofthe said account, towards facilitating the remaining development works in accordancewith the provisions of section 8;
(d) may, to protect the interest of allottees or in the public interest, issue suchdirections as it may deem necessary.