2019 (9) TMI 1367

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....Magoo (for brevity 'Applicant') with a prayer for initiation of Corporate Insolvency process against Ireo Grace Realtech Pvt. Ltd. (for brevity 'Corporate Debtor'). 2. The Applicant Parvesh Magoo is an allottee of a real estate project. The applicant is ex facie a Financial Creditor (FC) in terms of the provisions of section 5(8)(f) and explanation inserted by the Second Amendment Act, 2018 w.e.f. 6-6-2018. The challenge to the aforesaid amendment has been repelled by the Hon'ble Supreme Court in the judgment rendered in the case of Pioneer Urban Land & Infrastructure Ltd. v. Union of India [2019] 108 taxmann.com 147/155 SCL 622. Therefore, no doubt is left that the applicant is a FC. 3. The Respondent Ireo Grace R....

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.... FC have given the details of the total amount of the financial debt and the transactions on account of which the debt fell due. The total amount of financial debt as per FC is Rs. 2,07,57,385/- which includes both principal amount and compensation (interest). 7. The FC further submitted that after the elapse of the due date of delivery, the FC started enquiring with the CD about the tentative date of delivery. However, the CD kept making false promises of delivering the residential unit I in near future in order to use the FC's hard earned money as interest free loan. And after having several meetings in person and telephonic conversations with the CD, the FC sent an email dated 08-12-2018 requesting the CD to cancel their booking a....

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....ereto. 11. The Additional Affidavit filed by the CD on 3/09/2019 shows that the Occupational Certificate was applied by the CD on 5-7-2018 and the same was received by it on 31-5-2019 and the Email for the termination of the Agreement was sent on 08-12-2018 which was 5 months after the occupational certificate was obtained from the authorities by the CD. Hence the CD had fulfilled its obligation of applying for the occupational certificate with in the time frame. 12. Also, upon the perusal of clause 13.3 of the Apartment Buyer's Agreement which states as under; "Subject to Force Majeure, as defined herein and further subject to the Allottee having complied with all its obligations under the terms and conditions of this Ag....