TaxTMI 
TaxTMI 
2019 (9) TMI 1456
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....which it is evident that CD was incorporated on 21.5.2006 and Authorised and Paid up Capital of CD is stated to be Rs. 1,00,000/- (One lakh). The Registered Office of the CD is situated at D-13, Defence Colony, New Delhi-110024 which is corroborated with the Master Data as effected in MCA website as filed by the Petitioner as Annexure-II. The Petitioner has proposed the name of one Mr. Gaurav Katiyar as the Interim Resolution Professional (IRP) having Registration No. IBBI/IPA-001/IP-P00209/2017-18/10409 evident from Part III of the petition. 2. As per Petitioners/Financial Creditors the dates of disbursal in relation to each of the Petitioners as evident from Part-IV of the petition, in relation to the flats booked by the Petitioners has ....
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.... the FCs, the portion of the flat booked was required to be handed over within a period of 47 months from the dates of respective allotment letters. 5. Further, a grace period of 6 months has also been provided in the specific Agreement in case the possession is not able to be handed over by the CD, Taking into consideration even the extended period of 47 months by another 6 months, the possession of the property was required to be handed over by June, 2017 in relation to FC-1 and in relation to FC-2 and FC-3 in the month of July, 2017. In view of the default in handing over possession, the Petitioner (FC-1), it is stated had issued an e-mail dated 24.4.2019 intimating about the termination of the Agreement in terms of Clause 4,2 of the ap....
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..... The parties were heard in detail. Counsels for the parties reiterated the pleadings and referred to documents filed respectively by the parties. Counsel for the Petitioners during the course of submissions in relation to Possession letter as given by the CD dated 5.10.2017 pointed out that even though in the Possession letter it is stated that the occupation certificate in relation to tower in which the unit of the PC were situated when actual possession was sought and despite repeated requests made by the FC was not given which prompted the FC to issue notice of termination in the year 2019. 8. On the part of CD, the Counsel for the CD submits and brings to the notice of this Tribunal and referred to in Clause 2.6, 6.2 and 6.4 of the Bu....
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....me value for money, even though not in money terms but in terms of the physical possession of the property booked which is required to be handed over within the agreed period as between the parties. Failure of the Real Estate Developers (CD) in not handing over the possession of the property as agreed to between the respective parties is to be considered as a 'default' as envisaged under Section 3(12) of IBC 2016. Thus the FC in case of violation of the Agreement not handing over possession of the respective units has right to seek for the termination of the Agreement and also the refund of the principal amount and compensation as provided under the agreement in case of its breach. 11. Thus we are not in a position to appreciate th....