2014 (4) TMI 1323

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....ice at Hayes Road, Bangalore. The authorised share capital of the respondent company is Rs. 1,00,00,000/- divided into 10,00,000 shares of Rs. 10/- each. The main objects of the company is to purchase plots of land, develop, build houses, housing flats, etc. It is stated that one M/s. Kare Electronics & Development Pvt. Ltd. who is the owner of land measuring 4 acres in Sy.No.3/2 and 4 of Amruthahalli village, Yelahanka Hobli, Bangalore, seeking to develop their property jointly with M/s. Skyline Construction & Development Pvt. Ltd., had entered into a development agreement dated 14.09.2005 in terms of which, M/s. Skyline Construction & Housing Pvt. Ltd. had agreed to develop the said property into residential apartments in terms contained ....

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.... of Rs. 23,66,000/- as per Schedule-E of the Construction Agreement, which is reproduced herein for ready reference: SCHEDULE-E Sl. No. On or before the relevant stage % of payment amount 1. At the time of booking 10 2. Within 30 days from the date of the signing of this Agreement 15 3. Basement Floor Slab 10 4. 1st Floor Slab 5 5. 2nd Floor Slab 5 6. 3rd Floor Slab 5 7. 4th Floor Slab 5 8. 5th Floor Slab 5 9. 6th Floor Slab 5 10. 7th Floor Slab 5 11. 8th Floor Slab 5 12. 9th Floor Slab 5 13. 10th Floor Slab 5 14. Completion of masonry work 5 15. Hand over 10 The petitioner had made an initial....

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....43 crore having been diverted to its sister concern M/s. MYNT Developers Pvt. Ltd. and M/s. Kalmane Constructions Pvt. Ltd., in the form of long term investments. It is in this background that after the expiry of the grace period, the petitioner had approached the respondent for possession of the Apartment and when the petitioner realized that the construction would not be completed in the near future, the petitioner had issued a letter dated 6.7.2011 demanding refund of the amount collected with interest at 18% per annum and alleged breach of contract. The respondents did not reply to the letter. Thereafter, a legal notice was issued under section 433(e) and 434 of the Companies Act, which was duly served on the respondent and there was....

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.... a sum of Rs. 19,25,954/- would be payable towards the deposit made by the petitioner under the terms of the agreement and since the substantial amount of Rs. 31,00,000/- is paid and the respondent further undertakes to pay a sum of Rs. 10,00,000/- as down payment and that a cheque has been issued for a sum of Rs. 10,00,000/- dated 28.03.2014 and the balance amount is proposed to be paid with interest at 10% over a period of time, with the first installment on 28.04.2014 and the fifth and last installment on 28.08.2014 in a sum of Rs. 3,54,034/- each. Hence, he would submit that the respondent having been in a position to repay a substantial amount and agreeing to repay the balance amount with interest thereon at 10%, which is not even prov....