2021 (3) TMI 993

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....any having its registered office in Kolkata. (2) M/s. Eternity Structures Private Limited (hereinafter referred to as Respondent/Corporate Debtor) is a Private Limited Company, was incorporated on 01.02.2012, under the Companies Act 1956, bearing CIN:U70100KA2012PTC062336. Its Nominal Share Capital is 1,00,00,000/- (Rupees One Crore only) and Paid-up Capital is Rs. 8,00,000/- (Rupees Eight Lakhs only). It is involved in the business of real estate development. (3) The Respondent approached the Petitioner for investments in the real estate project 'Eternity Ecstasy'. Thereafter, towards the investments, the Petitioner and the Respondent executed 10 registered 'Agreements for sale' dated 07.05.2016 ('Agreements'). The Agreements executed contain identical clauses. Pursuant to Clause la) of the Agreements for sale, the Petitioner duly remitted a sum of Rs. 5,00,000/- under each of the Agreements on 07.05.2016, the date on which the agreements were executed and registered. Therefore, a total sum of Rs. 50,00,000/- being the principal amount was invested with the Respondent on 07.05.2016. The following are the Agreements for sale executed by the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e total consideration of Rs. 22,00,000/-. viii. Registered Agreement for sale dated 07.05.2016 in respect to 417 sq. ft. of undivided share in the immovable property bearing Sy. No. 34/4B for the residential apartment No. 404, third floor, measuring 1047 sq. ft. in 'Eternity Ecstasy'. An advance amount of Rs. 5,00,000 out of the total consideration of Rs. 22,44,000/-. ix. Registered Agreement for sale dated 07.05.2016 in respect to 424 sq. ft. of undivided share in the immovable property bearing Sy. No. 34/4B for the residential apartment No. 201, first floor, measuring 1065 sq. ft. in 'Eternity Ecstasy'. An advance amount of Rs. 5,00,000 out of the total consideration of Rs. 22,80,000/-. x. Registered Agreement for sale dated 07.05.2016 in respect to 431 sq. ft. of undivided share in the immovable property bearing Sy. No. 34/4B for the residential apartment No. 408, third floor, measuring 1082 sq. ft. in 'Eternity Ecstasy'. An advance amount of Rs. 5,00,000 out of the total consideration of Rs. 23,14,000/-. (4) As per the terms of the Agreements, particularly Clause 5, the Respondent was to complete the apartments within ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onstructed and handed over in terms of Agreement. The Petitioner, being LLP has executed separate Agreements for Sale even dated 07.05.2016, between Mr. A. Venkata Reddy, Rep. by their GPA Holder M/s. Eternity Structures Private Limited, as the Vendors (Respondent) and M/s. IPSA Credit Pvt. Ltd., Rep. by its Director Mr. Manoj Gupta (Petitioner) as the Purchaser, having common terms and conditions. Relevant terms and conditions of the Agreements, with reference to the instant case, are mentioned as under: ".... 1 The Vendor/Developer shall build/construct and complete the Schedule 'C' Property for a total consideration of Rs. 29,80,000/- shall be paid by the Purchaser to the Developer. The Purchaser has to pay the charges, deposits & expenses in connection with KEB Basic Deposit, BWSSB Basic Deposits, Sales Tax, Service Tax, which are incidental to construct and have over all the flat and the Purchaser agrees to bear the registration expenses as per the Government Rate at the time of registration. Subject to the conditions hereinafter contained, the Purchaser shall pay to the Vendor/Developer the total contract price Rs. 29,80,000/- in the following manner. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ruction Agreement even date, the DEVELOPER shall execute the Sale Date fulfilling the terms of the Construction Agreement and against the payment of all dues to the VENDOR/DEVELOPER. 12. The VENDOR/DEVELOPER herein shall put the PURCHASER/S in joint possession of the Schedule 'B' and 'C' Properties along with the other co-owners of the Composite Schedule 'A' Property at the time of registration of the sale deed and the VENDOR/DEVELOPER shall deliver legal possession of the Schedule 'B' and 'C' Properties at the time of registration of the Sale Deed Subject to all payments due to the DEVELOPER under this Agreement and the Construction Agreement are paid by the PURCHASER/s. 16. The parties agree that in case of any dispute arising in respect of this agreement, the matter shall be referred to arbitration of an arbitrator, in consonance with the provisions of the Indian Arbitration and Conciliation Act, 1996, as may be amended from time to time. The decision of the arbitrator so appointed shall be binding on the parties hereto. The seat of arbitration shall be Bangalore; the proceedings shall be held at Bangalore and conducted i....