TMI Blog2019 (9) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... Also vide letter dated 14-6-2019, the CD has written to the FC stating that the Apartment No. CD -A6-02-203, Type-3 BHK, Floor 2, Tower A6 in Corridors, Sector 67A, Dhumaspur, Gurgaon is ready for possession. This Tribunal is of the opinion that it is not a fit case to initiate Insolvency process as prayed for by the petitioner/applicant - application dismissed. - CP (IB) NO. 10 (ND) OF 2019 - - - Dated:- 26-9-2019 - R. Varadharajan, Judicial Member And K.K. Vohra, Technical Member For the Applicant : Piyush Singh, Adv. For the Respondent : Saurabh Kalia and Sameer Chaudhary, Advs. ORDER 1. The Present Application is filed under section 7 of Insolvency and Bankruptcy Code, 2016 (for brevity 'Code') read wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2013. According to the flat buyers agreement, the FC was supposed to make payments to the CD in terms of the payment plan opted by the FC as set out in the payment plan and the Corporate Debtor was obliged to deliver possession within the period of 42 months from the date of approval of the Building Plans and/or fulfilment of pre-conditions imposed thereunder with a further grace period of 6 months failing which the CD was liable to refund the amount paid by the FC with simple interest @ 8% per annum till the date of the refund. 5. It is submitted by the FC that as per the Agreement, the possession of the said flat had to be handed over by July, 2017. It is stated that despite having received an amount of ₹ 1,59,29,016/-, the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lment of the preconditions imposed thereunder. Therefore, the total period for delivery of possession was 60 months from the date of approval of building plans and or/fulfilment of the preconditions imposed thereunder. 9. The CD further asserted that the building approval was granted on 23-7-2013 whereas, several pre-conditions were required to be satisfied, and the last of the pre-condition, i.e. Fire Safety Scheme Approval was granted only on 27-11-2014. Therefore, the proposed time for handing over the possession has to be computed from 27-11-2014 which will expire on 27-11-2019. 10. The CD further states that since the time for the proposed delivery of possession has not arisen as yet, question of any delay in delivery of possessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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