TaxTMI 
TaxTMI 
2019 (9) TMI 361
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....g Corporate Insolvency Resolution Process (CIRP). The Petition is filed on 27.09.2018. 2. As per the details mentioned in the Form-1 filed by the Petitioner, the total amount of debt is Rs.20,44,336/- which is in default since 31.12.2016. 3. The Petitioner has relied upon the registered Agreements to Sell dated 20.3.2012 & 4.6.2014, receipt issued by the Corporate Debtor confirming the payment of Rs.2,81,94,779/- dated 25.1.2016, receipt issued by the Corporate Debtor confirming the payment of Rs.55,61,856/- dated 17.5.2017, various communications by the Petitioner and reply thereto of the Corporate Debtor, HDFC Ltd. (Home Loan) Accounts summary, HDFC Ltd. (Home Loan) outstanding details as on 1.4.2018, HDFC Ltd. (Home Loan) disbursemen....
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....d the tower height as it could not secure civil aviation clearance. It is stated that it has informed the Petitioner about tower height reduction and revised possession timelines on different occasions in the year 2015 and 2016. Further, it is mentioned in the email that as per the Agreement dated 31.5.2016 (Registration Date), without possession date is 31.12.2016 and the clause 11.2 entitles the Respondent to grace 18 months from the fitout date, to give possession. 6. The Petitioner sent another letter, dated 10.8.2017 to the Respondent, in reply to the email of the Respondent dated 8.8.2017. In this letter, the Petitioner has alleged that the Respondent changed the fitout possession date from 31.12.2015, in first two Agreement to Sell....
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....t possession date was 31.12.2016 and Clause 11.2 of the said Agreement further provided a grace period of 18 months beyond the date of the offer of without possession. Therefore, as per the Respondent, it was liable to provide the fitout possession to Petitioner by 30.6.2018. The Respondent has also annexed the Agreement to Sell dated 8.3.2016 along with Annexures. 10. It is also stated in the reply that as per clause 11.5 of the said Agreement the Respondent was entitled to a reasonable extension of time for making the flat available for possession if such delay is caused by factors beyond the control of the Respondent. This extension is said to be in addition to the grace period under Clause 11.2. It is stated that the Respondent vide i....
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....ining the existence of the debt. The three Agreements to Sell, as has been admittedly entered between the parties, are placed on record before us. As per the third and the latest Agreement to Sell, the date of fitout possession is 31.12.2016 and the grace period, as per clause 11.2, is 18 months from the fitout possession date. The said Agreement bears the signature of both the parties and has also been duly registered. The execution of this Agreement has not been disputed by the Petitioner. In these circumstances, the allegations of non-disclosure of change in material conditions in the Agreement are not acceptable in the present proceedings. 15. It is pertinent to note the decision of Hon'ble NCLAT in Asset Reconstruction Company (India....