TaxTMI 
TaxTMI 
TaxTMI 
2021 (4) TMI 945
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....y having its registered office at 145B, Cotton Street, Kolkata 700007 represented by its Director, Mr. Amit Sharaff, hereinafter referred to as "the Financial Creditor", seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against Shristi Infrastructure Development Corporation Limited another Corporate entity, having its registered office at Plot No. X-1, 2 & 3, Block EP, Sector - V, Salt Lake City, Kolkata 700091, hereinafter referred to as "the Corporate Debtor". 2. The brief facts leading to the filing of the present petition are that the Financial Creditor had booked a flat in Wing C on the 18th floor, measuring 4100 Square Feet at Rs. 9,000/- per Square Feet in Corporate Debtor's proposed project named as 'Th....
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....btor informed the Financial Creditor that 'Shristi Housing Development Private Limited' was converted to 'Shristi Housing Development Limited' and all further payments have to be remitted in the name of 'Shristi Housing Development Limited. A copy of the letter dated 03/12/2013 bearing ref. No. 00052/21A is annexed with the petition and marked with the letter "C". Accordingly, the Financial Creditor made payment of the 8th installment amounting to Rs. 37,48,043/- together with interest thereon amounting to Rs. 36,900/- on 24/04/2014 to Shristi Housing Development Limited. A chart showing the details of payments made by the Financial Creditor to the Corporate Debtor in various names is annexed to the petition and marked w....
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....e Debtor had not disputed the said Notice. A chart showing the principal amount along with interest accrued @ 18% is annexed to the petition and marked with the letter "G". 5. Thereafter the Financial Creditor had filed the present petition on 14/11/2018. Court Notice dated 10/12/2018 was also issued fixing next date of hearing on 10/01/2019. 6. Having been served with the Court Notice, the Corporate Debtor appeared in Court through its Counsel on 10/01/2019 and filed Vakalatnama. Directions to file affidavits were given. Affidavit-in-Reply was filed 19/02/2019. Rejoinder was also filed in the matter on 28/03/2019. 7. In view of the order of stay passed by the Hon'ble Supreme Court of India relating to home buyers or allottees the ma....
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....f the GT & C of the allotment. The Financial Creditor later requested for a change in the floor allotted to them which was acceded to by the Corporate Debtor and accordingly the Financial Creditor on 22/02/2013 re-allotted a serviced apartment at Wing A of the 21st Floor at the "THE - V". The Financial Creditor had once again on June 2018 sought for another up-gradation in allotment from the 21st floor to the 22nd floor of "THE - V" The Financial Creditor had paid a total sum of Rs. 3,04,01,764/-, against the total consideration of Rs. 3,69,00,000/- and the last installment of Rs. 36,90,000/- which was due and payable in March 2018 has not been paid. The Financial Creditor on 30/10/2018 had issued a notice of demand of refund of considerati....
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....uch refunds to NRIs/PIOs shall however be made in Indian Rupees. In addition to the said service charges as above, statutory deductions if any, on such cancellation shall have to be borne by the Allottee. In case of withdrawal of application or cancellation of the Allotment, refund shall be normally made within 21 days from the date of withdrawal of the application/cancellation of Allotment. It is clarified that no claims for any damages shall be tenable in the event of cancellation of the allotment on any grounds whatsoever." Therefore, the Financial Creditor is entitled to refund in terms of clause 5 of the GT & C and in fact the same had been offered to the Financial Creditor vide letter dated 13/11/2018, being "Annexure B" but the said....