MILONI SHAH NEE RAMESH VORA Vs. ORBIT DEVELOPERS

JUDGEMENT

(1.) The present suit is filed as a summary suit under Order XXXVII Rule 2 of the Code of Civil Procedure for recovery of an amount of Rs.2,00,64,940.00 along with interest thereon at the rate of 18% per annum from the date of filing of the suit till payment and/or realization thereof.

(2.) The plaintiff executed a letter of allotment dtd. 2/4/2017 with Orbit Ventures and Co. defendant no 1 (a partnership firm) in respect of flat no.1202 Chakravarti Ashok Co- operative Housing Society Limited Andheri as particularly set out in Exhibit A of the Plaint. A Letter of allotment was issued by defendant to the plaintiff on 2/4/2017 against payment of part consideration being Rs.1,59,88,500.00 out of which 1,53,00,00 is towards the flat flat no.1202 and Rs.6,88,600.00 was towards service charges. The Agreement for Sale was executed in January 2018 which recorded that the total consideration amount was 2,68,59,650/- .

(3.) In view of the project being delayed, at the request of the Plaintiff, the allotment of flat No. 1202 was cancelled and a commercial unit of 600 sq ft was alloted to the plaintiff in project known as "Water Front" a project of the sister concern of the Defendant. The plaintiff and the defendant executed a Memorandum of understanding in November 2020 for allotment of a commercial unit ad-measuring 600 square feet in the project for a consideration of Rs.1,32,00,000.00. It was agreed in the MOU that the balance will be adjusted against the taxes, other charges at the time of possession. The plaintiff has learned that the defendants have taken a loan from India. Infoline Finance Limited (IIFL) in respect of the Project and has executed an Indenture of Mortgage dtd. 31/3/2015.