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TMI Blog2019 (12) TMI 1414X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor No. 1 that the said project would be completed by the year 2017. The Financial Creditor No. 1 expressed its intention to purchase a unit in the said project and made booking in the said unit. Pursuant to the booking made by the Financial Creditor, the Corporate Debtor issued a Welcome Letter dated 11.06.2015 to the Financial Creditor No. 1. The Corporate Debtor issued an Allotment Letter dated 11.03.2016, wherein a Flat bearing No. T-D504 A was allotted to the Financial Creditor No. 1 and was informed that the total sale consideration of the said unit was Rs. 17,02,315/- The Financial Creditor has paid a total amount of Rs. 16,00,000/- to the Corporate Debtor. The details of the receipt are: Receipt No. Amount (Rs.) PRO-1366 4,000/- PRO-1365 2,26,000/- PRO-1527 2,30,000/- PRO-2247 1,35,000/- PRO-2513 1,35,000/- PRO-2707 5,70,000/- PRO-2706 3,00,000/- 3. The Corporate Debtor and the Financial Creditor No. 1 entered into a Builder Buyer Agreement dated 01.08.2017 and also entered into a Memorandum of Understanding dated 01.08.2017, in terms of which the Corporate Debtor was liable to pay the Financial Creditor an amount of Rs. 48000/- per month till the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return but the Corporate Debtor has failed to make the said payment. The Corporate Debtor had assured possession of the said unit by December 2018 but despite lapse of the said periods, the Corporate Debtor had failed to provide possession of the said unit. Aggrieved, the Financial Creditor No. 2 sent a communication dated 14.02.2019, demanding refund of the total outstanding amount payable by it. That despite the receipt of the said communication the Corporate Debtor has failed to repay the said amount. 7. As per the averments made by the Financial Creditor No. 3 the total amount of default committed by the Corporate Debtor is Rs. 25,60,000/- as on February, 2019. The Financial Creditor No. 3 expressed its intention to purchase a unit in the said "Marvella City Project" and made the booking in the said unit. Pursuant to the booking made by the Financial Creditor No. 3, the Corporate Debtor issued a Welcome Letter dated 11.06.2015 to the Financial Creditor No. 3. The Corporate Debtor, thereafter, issued an Allotment Letter dated 01.02.2016, wherein a Flat bearing No. T-D505 A was allotted to the Financial Creditor No. 3 and was informed that the total sale consideration of the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring No. T-NRO A+203 was allotted to the Financial Creditor No. 4 & 5 and was informed that the total sale consideration of the said unit was Rs. 17,77,315/- (Rupees Seventeen Lakhs Seventy Seven Thousand Three Hundred and Fifteen Only). The Financial Creditor has paid a total amount of Rs. 16,00,000/- to the Corporate Debtor till date. The details of the receipts are being produced below: Receipt No. Amount (Rs.) PRO-1619 1,20,000 PRO-1620 1,10,000 PRO-1560 1,10,000 PRO-2253 65,000 PRO-2252 70,000 PRO-2511 65,000 PRO-2512 70,000 PRO-2703 8,45,000 PRO-1546 1,20,000 13. The Corporate Debtor and the Financial Creditor No. 4 & 5 entered into a Builder Buyer Agreement dated 28.07.2017. The total sale consideration of the subject unit is Rs. 17,83,750/-. The Corporate Debtor and the Financial Creditor had also entered into a Memorandum of Understanding dated 28.07.2017, in terms of which the Corporate Debtor was liable to pay the Financial Creditor an amount of Rs. 48,000/- (Rupees Forty Eight Thousand Only) per month till the date of registry of the subject unit in the name of the Financial Creditor No. 4 and 5. 14. The Corporate Debtor had even issued certain PDC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor No. 6 approached the Corporate Debtor for the repayment of Assured Return but till date the Corporate Debtor has failed to return the aid amount to the Financial Creditor No. 6. The Financial Creditor No. 6 even issued a Legal Notice dated 22.09.2018 calling upon the Corporate Debtor to repay the said amount of assured return but the Corporate Debtor has failed to make the said payment. The Corporate Debtor has assured possession of the said unit by December, 2018 but despite lapse of the said period, the Corporate Debtor has failed to provide possession of the said unit. Aggrieved, the Financial Creditor No. 6 sent a communication dated 14.02.2019 demanding refund of the total outstanding amount payable by it. 18. As per the averments made by the Financial Creditor No. 7 & 8 the total amount of default committed by the Corporate Debtor is Rs. 27,00,000/- as on February, 2019. The Financial Creditor No. 7 & 8 expressed its intention to purchase a unit in the said "Marvella City Project" and made the booking in the said unit. The Financial Creditor has paid a total amount of Rs. 17,40,000/- (Rupees Seventeen Lakhs Forty Thousand Only) to the Corporate Debtor till date. The deta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of which the Corporate Debtor was liable to pay the Financial Creditor an amount of Rs. 48,000/- (Rupees Forty Eight Thousand Only) per month till the date of registry of the subject unit in the name of the Financial Creditor No. 9 and 10. The Corporate Debtor had even issued certain PDCs in favour of the Financial Creditor Nos. 9 & 10 for the assured return but the same has been dishonoured. 23. The Financial Creditor Nos. 9 & 10 approached the Corporate Debtor for the repayment of Assured Return but till date the Corporate Debtor has failed to return the said amount to the Financial Creditor No. 9 & 10. The Financial Creditor No. 9 & 10 even issued a Legal Notice dated 22.09.2018 calling upon the Corporate Debtor to repay the said amount of assured return but the Corporate Debtor has failed to make the said payment. The Corporate Debtor had assured possession of the said unit by December, 2018 but despite lapse of the said period, the Corporate Debtor has failed to provide possession of the said unit. Aggrieved, the Financial Creditor No. 9 & 10 sent a communication dated 14.02.2019 demanding refund of the total oustanding amount payable by it. 24. The Respondent- Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Corporate Debtor have also submitted their written submissions which have been gone through by us alongwith the documents on record. And after hearing the Learned Counsels for the parties and after pursuing the records as well as the written submissions, we are of the considered opinion that the arguments raised by the Corporate Debtor in his pleadings that the Financial Creditor and the Corporate Debtor duly entered into the Builder Buyer Agreement dated 01.08.2017 and Memorandum of Understanding dated 01.08.2017 for the purchase of the flats developed by the Corporate Debtor a consideration of Rs. 17,08,750 as stipulated in the Flexi Payment Plan as per Clause 4 of the Buyer Builders Agreement but contra, the Financial Creditor tendered mere Rs. 16,00,000 in totality and Ipso Facto the Corporate Debtor refused to deliver the possession of the flats for a want of total amount due Rs. 17,08,750. However, the perusal of records show it was an agreed term between the Financial Creditors and the Corporate Debtor vide the Memorandum of Understanding dated 01.08.2017 that the concerned units of the project shall be allotted to the Financial Creditor on payment of Rs. 16,00,000 and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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