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TMI Blog2018 (7) TMI 2175X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority) Rules, 2016 inter-alia praying for initiation of Corporate Insolvency Resolution Process against M/s SUNWORLD RESIDENCY PRIVATE LIMITED i.e. the Corporate Debtor. 2. Brief facts of the case are stated as under: I. That pursuant to the terms of the Apartment Allottees Agreement dated November 29, 2014 (the "Builder Buyer Agreement") between Petitioner and Corporate Debtor, the Petitioner booked an Apartment, at a total cost of Rs. 13,676,375/- (Rupees One Crore Thirty Six Lacs Seventy Six Thousand Three Hundred & Seventy Five Only), in the Company's project named "Sunworld Arista" located in Noida, Uttar Pradesh. II. That on the same day the corporate debtor entered into a Supplementary Agreement with Petitioner. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank loan amount was to be a lock-in period and Petitioner had an option, exercisable at his sole discretion, to cancel his booking of the Apartment after completion of the Lock-in Period. VI. That clause 7 of the supplementary agreement also stipulates that in case Petitioner elects to cancel his booking after the Lock-in Period, he must send a written notice to corporate debtor and Corporate Debtor promised to refund the entire booking amount of Rs. 11,51,158/-, which is 10% of the basic sale price, with an additional assured return of rs. 7,76,999/- totaling to Rs. 19,28,157/- to financial creditor within a period of 30 days after completion of the Lock-in Period. VII. That the said clause also provides that in case of delay on the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor notice of 30 days prior to the end of 24 months' lock-in period electing to cancel the booking of the Apartment, and therefore, the notice from Financial Creditor dated October 25, 2016 to Corporate Debtor is well within time. XI. That when Corporate Debtor questioned by Financial Creditor about the Extension Letter, Corporate Debtor categorically told the Financial Creditor that Corporate Debtor would settle the entire loan amount payable to HDFC and the amount due to financial creditor plus interest @ 18% per annum within a few months and requested cooperation. XII. That it is submitted that thereafter, corporate debtor paid Eight EMIs until Aug'2017 payable to HDFC, through cheque/ Bank Transfer, to the Bank and since Septem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement. I. Clause-8 of the Tripartite Agreement contemplates among other things that in the event of cancellation of residential apartment for any reason whatsoever the entire amount advanced by HDFC will be refunded by the builder to HDFC forthwith. II. As per Para 9 of the Tripartite Agreement That in the event of occurrence of default under the Loan Agreement which would result in the cancellation of the Allotment as a consequence thereof and/or for any reason whatsoever if the allotment is cancelled , any amount is payble to the Borrower in the event of cancellation in favour of HDFC. However it is further agred between the parties that such payment made by the Builder to HDFC under this clause shall amount to a valid discharge of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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