TMI Blog2019 (10) TMI 1350X X X X Extracts X X X X X X X X Extracts X X X X ..... e to be dismissed as hit by limitation. This is a case where the Petitioner purchased five units from different projects of the Corporate Debtor. The Petitioner got substantial discount from the Corporate Debtor for some of the units. Further, the Petitioner has received a compensation of ₹ 15,00,000/- from the Corporate Debtor for the delay in giving possession of the Unit in this case - Since the Petitioner has purchased five units from different projects of the Corporate Debtor, the petitioner is a speculative investor to get maximum advantage of the booming real estate market at that time, and when the real estate market is in difficult time, he wants to come out of the clutches of liability staring on him by shifting the liability on the Corporate Debtor. Admittedly, the Flat is ready for possession but the Petitioner is adamant on taking refund. The interest of the Petitioner seems to be something other than the Flat. However, we refrain from making any comment on the motives of the Petitioner. In a project like this where hundreds of flat buyers are involved, when compensation of this magnitude is acceded as demanded or CIRP is ordered, we are afraid that it may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter several follow up calls, meetings, communication, we were assured that we will get possession of our flat by 15th may, 2015. But, even after four years, we are yet to receive possession of the flat as well as compensation for delay in giving possession of the said flat. There has been delay of almost six years even though we have paid 80% of the flat value by December 2013 itself. We have suffered huge loss not only financial but also mental trauma. Hence, we request you to resolve the issue immediately. We herewith demand you to waive off the balance outstanding payment in lieu of the delayed interest cost for which we have annexed the interest calculation sheet for your ready reference. Hence, considering the above account scenario, we request you to give us the possession immediately without any further delay and balance amount of 2.78 Crores (approx.) within three months. 4. The Corporate Debtor replied to the above notice on 11.03.2019 wherein at para No. 7 and 8, it was stated as follows: 7) In respect of the prayer made in your notice, the same is not genuine, proper and acceptable, hence denied by us. We would like to remind you that, our representat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is pending. (e) It is submitted that the Corporate Debtor informed the Petitioner on 17.04.2016 that the Unit is completed and ready for the furniture possession and also they have demanded the sum of Rs. 1,01,57,695/- Hence, the Corporate Debtor says that the property is ready for possession, but the Petitioner has not paid the balance amount. (f) The Corporate Debtor submitted that the Petitioner is an allottee in some of their other projects and had given a discount of 57.74 Lakhs in Marvel Diva Project and discount of ₹ 75.06 Lakhs was given in Marvel Edge Project and they have enclosed a letter dated 26.08.2016 which shows that the Petitioner was allotted four Units by the Corporate Debtor in other projects. This shows that the Petitioner is an investor who wants to make money in the booming real estate market at the relevant point of time. 7. The contention of the Corporate Debtor that the Petition is hit by Law of Limitation has to be accepted in view of the fact that the date of the default mentioned in the petition is 01.04.2014, but this petition was filed on 03.07.2019, which is more than three years after the date of default. It is benef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the debt , which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be. 10. It is more important to cite the recent judgment of the Hon'ble Supreme Court in the case of Pioneer Urban Land and Infrastructure Limited and Ors. Vs. Union of India (UOI) and Ors. MANU/SC/1071/2019 : wherein at para 50 it is observed as below: 6. Timelines for refund-Any refund of monies along with the applicable interest and compensation, if any, payable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olly one-sided and futile hearing will take place before the NCLT by trigger-happy allottees who would be able to ignite the process of removal of the management of the real estate project and/or lead the corporate debtor to its death. 11. Even though the Adjudicating Authority is mandated to look into the debt and default in a Section 7 Petition, the judgment of the Hon'ble Supreme Court in Pioneer Urban Land and Infrastructure Limited (cited supra) has expanded the jurisdiction of Adjudicating Authority to look into certain other aspects, apart from debt and default, as specified in the said judgment while deciding a petition filed by a home buyer. 12. This is a case where the Petitioner purchased five units from different projects of the Corporate Debtor. The Petitioner got substantial discount from the Corporate Debtor for some of the units. Further, the Petitioner has received a compensation of Rs. 15,00,000/- from the Corporate Debtor for the delay in giving possession of the Unit in this case. 13. The intention of the Petitioner is only to extract more compensation from the Corporate Debtor rather than the resolution of the Corporate Debtor. 14. Sin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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