ANTARA HOUSING LLP Vs. M/S.PRIMELAND CONSTRUCTIONS

JUDGEMENT

(1.) This commercial division summary suit is instituted to recover a sum of Rs.39,12,43,595.00 along with further interest at the rate of 18% p.a. from the date of dishonour of the cheques which form the basis of the suit.

(2.) The material averments in the plaint can be stated in brief as under:-

(3.) Pursuant to the representation made by the defendant that it had acquired certain rights in respect of immovable property situated at Survey No. 42-A (Part), CTS No. 874-B (Part) and CTS No. 875-D (Part), Borivali, Mumbai (subject land), the plaintiff and the defendant entered into a Joint Development Agreement on 31/8/2019 (JDA) whereby the parties agreed to jointly develop a portion of the subject land admeasuring 2500 sq. mtrs. which would generate a minimum FSI of 14000 sq. mtrs. approximately. Under the terms of the agreement, in addition to payment of a sum of Rs.25.00 Crores towards security deposit, the plaintiff was required to incur expenditure for the development of the subject land.