TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 12
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....ion, are as follows: (1) M/s. Value Designbuild Private Limited (herein after referred to as Respondent/ Corporate Debtor) was incorporated on 02.09.2002 having CIN: U70102KA2002PTC030953 and having its registered Office situated at No. 42, 3rd Floor, Castle Street, Ashok Nagar, and Bangalore- 560025. Its Authorised Share Capital of Rs. 80,00,000/- and Paid-up Share Capital of Rs. 75,00,000/-. (2) It is stated that the Corporate Debtor represented It was also further represented that the Corporate Debtor, the Developer had undertaken to develop the schedule A property by constructing residential apartment as per the scheme formulated by the Corporate Debtor (Developer) and that Shri. Narasimha Murthy and Shri. B.K. Rama Prasad (Owners) have authorised the said Developer to act as contractor and Builder for the prospective purchaser/s of the apartments as per the plan sanctioned in this behalf by the appropriate authority and construction to be made at the discretion of the Developer. (3) Basing on the representation made by the Respondents, the Financial Creditor had entered into Joint Development Agreement dated 24.03.2011, registered as Document No. 8482/2010-11 of Book-I, ....
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....fore, the Corporate Debtor have in all received a sum of Rs. 1,35,13,891/- (Rupees One Crore Thirty Five Lakhs Thirteen Thousand Eight Hundred and Ninety One only), inclusive of the advance sale consideration paid under the Agreements. The Financial Creditors have not only paid the entire sale consideration way back in the year 2016 itself. In the fact the Financial Creditors have paid a sum of Rs. 8,15,691/- (Rupees Eight Lakhs Fifteen Thousand Six Hundred and Ninety One only) in excess to the agreed sale consideration. In fact even till this day, i.e. after an expiry of more than 30 months from the original agreed dated of delivery of possession of the schedule property, the Corporate Debtor have failed to complete the structure. (5) Since the Respondent failed to comply with terms and conditions of said Agreements, the Financial Creditor got issued a legal notice dated 19.06.2019 by calling upon the Corporate Debtor to repay the sum of Rs. 1,35,13,891 (Rupees One Crore Thirty Five Lakhs Thirteen Thousand Eight Hundred and Ninety One Only), together with interest of 24% p.a. calculated from 25.02.2016 till the date of repayment together with other damages. In response to the sa....
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....e. Therefore, the above petition is required to be dismissed at threshold. The Corporate Debtor is a Company engaged in the business of real-estate and development. It has carved a niche for itself in the real estate sector in Bangalore. It has developed projects such as VDB Celadon, VDB Cardinal and VDB Willow Farm. The Corporate Debtor is presently undertaking construction of VDB Azure in Varthur Hobli, Bangalore. It has engaged 50 employees on contract for the purpose of construction and development of the project. It has also spent substantial amount in developing the project and approximately 60% of the project is complete as on date and apartments will be handed over to home buyers immediately upon completion. of the construction. The Corporate Debtor will be able to bear fruits of its investments when the project is completed and the flats are sold to customers. (3) It is stated that the Petitioner approached the Corporate Debtor and expressed their desire to purchase an apartment in the project being developed by the Corporate Debtor. Accordingly, the Corporate Debtor has entered into a Joint Development Agreement dated 24.03.2011 with Mr.Narasimha Murthy and Mr. B.K.Rama....
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....the loan amount disbursed. As per the understanding between the Petitioners and the Corporate Debtor, the Corporate Debtor was liable, to pay interest, which is payable by the Petitioners, under the Loan Agreement during the first twelve (12) months period, but in any case not beyond 31st March, 2017. After the period of twelve (12) months or 31st march 2017 whichever is earlier, the liability to pay interest on the loan amount shall be that of the Petitioners. (6) However, the Petitioners have defaulted in payment of EMIs. The HDFC Limited intimated the Corporate Debtor that cheques issued by the Petitioners were dishonoured and called upon the Corporate Debtor to make payment. The HDFC has initiated proceedings against the Petitioners for dishonour of cheques bearing. Since the obligation was cast on the Corporate Debtor in the alternative to make payment towards EMI, the Corporate Debtor has paid a sum of Rs. l 1,69,752/- (Rupees Eleven Lakhs Sixty Nine thousand Seven Hundred and Fifty Two only) to the HDFC Limited towards Emi. Therefore, it is submitted that the Petitioners have failed to adhere to the terms of the contract. The averment that the Petitioners have paid a sum o....
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.... the construction activity has again commenced and Corporate Debtor is positive of completing the project at the earliest and handover the apartments to the home-buyers as they have been supporting the Corporate Debtor even during CIRP. (3) The Petitioner has availed loan from Housing Development Finance Corporation (HDFC) for purchase of Apartment No. 907 in VDB Azure. However, due to the Petitioner's default in repaying the equal monthly instalments, HDFC had initiated proceedings under section 138 of the Negotiable instruments Act, 1881 for dishonour of security cheques and the case was registered as CC No. 3892/2018. It is ascertained that the Petitioner has settled with HDFC and cleared its outstanding amount and therefore, the said case has been withdrawn by HDFC. Therefore, there are no encumbrances on the Apartments No. 907 in VDB Azure as on date, and the Corporate Debtor is ready and willing to hand over the possession of the Apartment upon its completion. 6. As detailed supra, the Petitioners got issued demand notice dated 19.06.2019 to the Respondent with an intention to recover the outstanding amount in question. In terms of Agreements in question, the Petitione....