VINOD AWASTHY Vs. AMR INFRASTRUCTURES LTD

JUDGEMENT

(1.) This is an application filed under section 9 of Insolvency and Bankruptcy Code 2016 (for brevity 'the Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule 2016 (for brevity 'the Rule') with a prayer for initiation of Corporate Insolvency Resolution process in respect of Respondent Company.

(2.) In order to put the controversy in its proper perspective few material facts may first be noticed. The respondent company has been incorporated on 15.06.2006 with ROC UP & Uttaranchal, Kanpur. The petitioner booked a flat for a total consideration of Rs. 19,80,000/- in the project known as i-Homes which was to be completed by December 2013 and paid advance amount of Rs. 9,87,284/-. On 18.10.2011 a MOU was executed between the Petitioner and Respondent Company. At is also asserted that in accordance with the provisions of the MOU Respondent Company had undertaken to pay a sum of Rs. 9,050/- every month w.e.f. 15.11.2011 to the Petitioner as 'assured return' till the date of possession on the amount of Rs. 9,87,284/- which was advance amount paid. The Respondent paid the assured return upto December 2013 but failed to pay the same thereafter despite repeated request by the petitioner which resulted in demand of the refund of the entire booking amount.

(3.) On 28.3.2014 an allotment agreement was signed stipulating that possession of fully furnished flat would be handed over by December 2014, however no possession given till date. On 26.9.2016 a notice under section 433 etc of Companies Act, 1956 was duly served at the registered office of the Respondent Company calling upon it to pay due and admitted amount of Rs. 12,76,884/- along with interest within 21 days. On 25.1.2017 statutory notice under the Code was issued which has been duly served on the Respondent.