TMI Blog2020 (8) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor. The same has been confirmed by the Respondent in its Affidavit dated 21.08.2020. That the plea taken by the Respondent, during the course of arguments, with respect to double allotment too does not merit consideration since the Respondent himself has submitted on affidavit dated 21.08.2020 that the Applicants were either the first allottees (in respect of seven units) or holding clear allotment (in respect of four units). None of these letters of allotment of the commercial units have been cancelled. Therefore, this Bench of the view that the earlier allotment letters issued in respect of 1 1 units by the Corporate Debtor in favour of applicants in the year 2015 and 2016 stand valid and cannot be treated as null and void. This Bench is of the opinion that the claims of the Applicants being the allottees of commercial units will fall under the Category of 'Financial Creditor in a class' - application allowed. - I.A.2142/ND/2020 IN Company Petition No. (IB)667/(ND)/2019 - - - Dated:- 26-8-2020 - Ch. Mohd. Sharief Tariq, Member (J) And Shri. L. N. Gupta, Hon'ble Member (T) For the Applicants: Mr. Piyush Singh, Mr. Aditya Parslia an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts were allotted various units in the project. The details of the allotments as submitted by the Applicants and as reflected in the MOU dated 10.06.2019 are reproduced overleaf : Sl. No Name of the Allottee Date of Allotment Unit No. Total Consideration (In Rs.) Total Amount Paid (In Rs.) 1. Abhishek Garg 24.02.2016 G-38 1,47,40,800/- 45,00,000/- 2. Abhishek Garg 24.02.2016 G-65 60,60,600/- 15,00,000/- 3. Abhishek Garg 24.02.2016 G-66 79,80,000/- 30,00,000/- 4. Abhishek Garg 24.02.2016 G-79 1,23,35,400/- 40,00,000/- 5. Abhishek Garg 21.10.2016 G-80 1,22,06,700/- 50,00,000/- 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als in the AKG Group and accepted by them. 3) The allotment of allotted units shall become cancelled with the issuance of Letter of Allotment individually for each service apartment in Ninex Mall. 4) The amount paid by the individuals in AKG Group to the Developer shall be adjusted towards each service apartment and the differential amount payable by the individuals in AKG Group shall be paid by them to the Developer on receipt of intimation regarding receipt of Occupation Certificate from the Director General Town and Country Planning, Haryana, Chandigarh. 5) AKG Group assures the Developer that the allotted units which is being now surrendered are free from all registered unregistered encumbrances, prior sale/allotment, hypothecation, mortgage, WILL. Gift, attachments, court orders, litigation, lien etc. and shall remain so till the execution of Conveyance Deed. 6) That the individuals in AKG Group shall return alt the original documents to the allotted units to the Developer at the time of issuance of Letter of Allotment for service apartment in lieu of it. 7) The physical possession of the service apartments shall be given to the individuals in AKG Group Secon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... months prior to passing of the CIRP order of the Corporate Debtor on the 23rd August 2019. 14. That the Respondent while placing emphasis on the 'Addendum to the MOU' dated 12.06.2019, submitted that the Applicants are entitled only for the monetized claim since the other obligations are not met by the Corporate Debtor as mentioned in the addendum dated 12.06.2019. It is added by him that the hotel has not been constructed and moreover, no stake in lieu of such a small amount can be allotted to the applicants by the Respondent. In view thereof, as per the terms of 'Addendum of MOU', the Applicants at best can be given a monetized claim. The relevant extracts of the 'Addendum to MoU' are reproduced below: 1) The parties to the Memorandum of Understanding (MOU) have agreed, confirmed and accepted that in case the Developer fails to delivery either the commercial units as above said or 40 service apartments or 40% stake in the hotel project as far as its area is concerned, the Developer shall refund to the individuals in the AKG Group along with interest @21% p.a. from the date of receipt of money from them, after deducting applicable taxes, if any. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Ltd. (DOM - 18/05/2018) 4 Ground G-78 Neha Garg 14.01.2015 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 5 Ground G-79 Abhishek Garg 24.02.2016 DOB BDR Private Ltd. (DOM - 18/05/2018) 6 Ground G-80 Abhishek Garg 21.10.2016 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 7 First 101 Garg 14.01.2015 DOB Jitendra Manu Nayyar (DOB - 30/07/2019) abbreviations DOM has been used to show the date of mortgage wherein any charge has been create on such unit in case of any credit facility being availed abbreviations DOB has been used to show the date of booKng in case of sale x.unit 18. The Respondent has further submitted in its Affidavit, in response to the query at Sl. No. 1 (b) that the Applicants were the first allottees in the abovementioned 7 units. In response to the query at Sl no. 1 (c) he has added that there are no units, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the Corporate Debtor. The same has been confirmed by the Respondent in its Affidavit dated 21.08.2020. 25. That the plea taken by the Respondent, during the course of arguments, with respect to double allotment too does not merit consideration since the Respondent himself has submitted on affidavit dated 21.08.2020 that the Applicants were either the first allottees (in respect of seven units) or holding clear allotment (in respect of four units). None of these letters of allotment of the commercial units have been cancelled. Therefore, this Bench of the view that the earlier allotment letters issued in respect of 1 1 units by the Corporate Debtor in favour of applicants in the year 2015 and 2016 stand valid and cannot be treated as null and void. 26. Since the letters of allotments were issued in favour of Applicants for allotment of commercial units and there has been no cancellation of the same, the Applicants fall under the definition of allottee as defined under Section 2(d) of Real Estate (Regulation Development) Act 2016, which is reproduced below: aZZottee in relation to a real estate project, means the person to whom a plot, apartment or building, as th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
