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TMI Blog2019 (5) TMI 1933X X X X Extracts X X X X X X X X Extracts X X X X ..... lleged default on the part of the Respondent in settling the amount of Rs. 1,36,44,500/- including the interest component towards the financial investment made by the Applicant. The transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant is a resident of Lakhotia House, S-228, Greater Kailash-II, New Delhi-110048. ii. The Respondent is involved in the business of developing and constructing land projects in Delhi and NCR. The Respondent planned to develop a commercial multistoried building under the name Victory Zeal' on a land measuring 337 square metres situated at two (2) commercial plots namely N-15 and 16, Sector 18, Noida, Uttar Pradesh. iii. The Applicant upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Rs. 75,00,000/-. vii. A subsequent understanding between the parties with respect to the payment of the remaining outstanding amount is clearly admitted by the Respondent in its letter dated 30.06.2016. The Respondent by way of the aforesaid letter dated 30.06.2016, clearly states the followings: a) The parties earlier understanding with respect to the Respondent's willingness to buy the said Unit from the Applicant for a sum of Rs. 1,00,00,000/- and paying Rs. 25,00,000/- via RTGS dated 18.09.2015, towards the same. b) The Respondent's admission that outstanding amount of Rs. 75,00,000/- could not be paid due to "unavoidable circumstances". c) The Respondent's new offer to pay Rs. 1,19,10,000/-out of which Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , to which no reply has been received by the Applicant till date, xii. Therefore, the total amount of debt due is Rs. 94,10,000 (Principal Amount) + Rs. 42,34,500 (Interest @18% per annum upto 31.12.2018) = Rs. 1,36,44,500/-. 2. Consequent to the issuing of notice by this Tribunal the Respondent filed the reply on 19.02.2019 in which he has contended the following; a) The present application is not maintainable as no default has been committed by the Respondent. The Applicant has allegedly invested the amount to be returned only after completion of the project. Till date, the project is not complete and the work is still going on, hence the Applicant is not entitled for any amount as alleged in the Applicant. b) The Applicant had execu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore Justice J.R. Middha on 06.02.2019 and notice was issued for 20.03.2019. f) The Applicant has relied upon the letter dated 30.06.2018 which was never signed by the Respondent. No cheques whatsoever were issued in favor of the Applicant. The document relied upon by the Applicant is a forged document and cannot be relied upon. The Applicant never mentioned or relied upon the letter in his notices dated 12.07.2018, 30.08.2018 and 03.11.2018. The said letter has been fabricated to create false cause of action. 3. We have gone through the documents filed by both the parties and heard their detailed arguments. Both parties have claimed completely different stories and have relied on completely separate set of documents to prove their stori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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