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Issues: Whether the appellant, as an allottee in the respondent's real estate project, was entitled to refund of the amounts paid in lieu of possession, and whether the insolvency proceeding against the respondent could be set aside.
Analysis: The appellant was treated as an allottee in the real estate project and, as such, was recognised as having an option to obtain possession of the flat or seek refund of the amounts paid. Since possession had been declined, the appellant was held entitled to refund with interest. Consequentially, the insolvency proceeding initiated by Respondent No.2 was set aside.
Conclusion: The refund claim was allowed with interest and the insolvency proceeding was set aside in favour of the appellant.
Final Conclusion: The appeal was disposed of by granting the appellant refund of the amounts paid with interest and by undoing the insolvency proceeding.
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