SANJEEV JAIN Vs. ETERNITY INFRACON PVT LTD

JUDGEMENT

(1.) This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity The code') read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity "the rule") for initiation of Corporate Insolvency process in respect of the Corporate Debtor.

(2.) It is pertinent to mention here that notice was deemed served on the Respondent Corporate Debtor as is evident from the affidavit of Proof of Service dated 29.06.2017 and the order dated 5.7.2017 passed by this tribunal. However no one appeared on behalf of Respondent Corporate debtor.

(3.) It is the case of the applicant that the corporate debtor 'Eternity Infracon Pvt. Ltd.' a company incorporated under the provisions of The Companies Act, 1956, in November, 2013 through its director proposed to the applicant to invest an amount of Rs. 18,00,000/- (Rupees Eighteen Lacs Only) (approximately) in its under-construction commercial space namely, "The CRESCENT" (IT/ITES/Commercial Project) at Greater Noida.(U.P). In lieu of the aforesaid investment, the Corporate Debtor proposed to book a commercial space for the Applicant in the aforesaid Project and promised him to facilitate in selling the said space with an assured appreciated/escalated price/return. Applicant agreed to the terms of investment proposed and invested an amount of Rs. 17,47,955/- (Rupees Seventeen Lacs Forty Seven Thousand Nine Hundred and Fifty Five Only) vide cheque No. 000017 dated 21.01.2014 drawn on HDFC Bank in the name of the Corporate Debtor.