TMI Blog2015 (6) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... eading of the affidavit filed by the appellant would show that the entire amount collected towards IBMS has been utilised by it. The nature of the utilisation, however, is not disclosed. It is also not known whether the amount has been utilised for the purpose or in the manner required in the flat buyers agreement. The respondent has also absolutely refuted the liability of any dues at all. - Calling upon the appellant to secure the amount is clearly justified and cannot be assailed on any legally tenable grounds. However the appellant pleads financial difficulty in making a lump sum deposit. The amount can be secured by other conditions as well to mitigate this expressed difficulty. - CO.APP. 21/2015 and CMs No.10568/2015, 10569/2015 & 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interest Bearing Maintenance Security (IBMS) in the agreement. The respondent has claimed that in terms of the flat buyer agreements, maintenance and other responsibilities in the housing complex, have been handed over to it as has been mentioned in the hand over letter dated 30th August, 2013. 6. The winding up petition was necessitated inasmuch as despite repeated notices and admission of the liability, the amount collected towards (IBMS) with all accruals thereon has not been handed over to the association. 7. An interim application being Co. Application No.375/2015 was filed praying for interim orders. On this application, various orders were passed directing the respondent to file an affidavit giving details of the manner in whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant from meeting his expenses like payments of salaries to his employees and operating its business. It is submitted that this fact has been completely ignored in the impugned order. Mr. Sethi submits that without prejudice to the rights and contentions of the appellant if the company is permitted to deal with its immovable assets, it would be willing to secure the amount. The appellant urges that large amounts of money are owed by the various flat owners to it. 10. Mr. Mongia, learned counsel for the respondent staunchly opposes grant of any relief to the appellant. He submits that in the affidavit which was filed by the appellant, it had admitted the receipt of the amount of IBMS and in terms of the agreement with the several flat own ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eement. The respondent has also absolutely refuted the liability of any dues at all. 14. Thus a question would arises as to whether the amounts being claimed by the appellant are owed by the individual apartment owner or by the association. So far as the liability claimed with regard to the amounts being owed by apartment owners is concerned, this matter has to be considered by the learned Single Judge and not in the present appeal. Be that as it may, so far as the present appeal is concerned this matter does not need us to detain any further. 15. In the factual background noted above, the impugned order of the learned Single Judge calling upon the appellant to secure the amount is clearly justified and cannot be assailed on any legal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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