The case involves an appeal against an order dated 21.11.2023, where the National Company Law Tribunal (NCLT), New Delhi Bench, dismissed an application (I.A No. 4809 of 2022) filed by the Appellant. The Appellant, Nirmal Jain, had purchased a studio apartment in a project floated by Indirapuram Habitat Centre Pvt. Ltd. (Respondent/Corporate Debtor). The Respondent allegedly promised a 12% annual return on the investment. Later, the Appellant shifted from a studio apartment to a commercial shop in the same project. Disputes arose when post-dated cheques issued by the Respondent started getting dishonored. The Appellant initially filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was later withdrawn following a settlement agreement.
…Nirmal Jain (Appellant) purchased a studio apartment in a project by Indirapuram Habitat Centre Pvt. Ltd. (Respondent/Corporate Debtor) in 2016. The Respondent promised a 12% annual return. The Appellant later shifted to a commercial shop. A Builder Buyer Agreement (BBA) was executed on 22.11.2016, and a memorandum of understanding on 30.12.2016. Possession was to be given within 24 months with a 6-month grace period. In March 2017, the Respondent informed the Appellant that possession would be offered in April 2017, ceasing further assured returns. The Appellant sent a legal notice on 18.09.2017, after which the Respondent cleared arrears. Due to failure in offering possession, the Appellant sought a refund. The Respondent offered a commercial shop unit F-445A with an
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Appellant purchased a…
Builder Buyer Agreement…
The case involves an appeal against an order dated 21.11.2023, where the National Company Law Tribunal (NCLT), New Delhi Bench, dismissed an application (I.A No. 4809 of 2022) filed by the Appellant. The Appellant, Nirmal Jain, had purchased a studio apartment in a project floated by Indirapuram Habitat Centre Pvt. Ltd. (Respondent/Corporate Debtor). The Respondent allegedly promised a 12% annual return on the investment. Later, the Appellant shifted from a studio apartment to a commercial shop in the same project. Disputes arose when post-dated cheques issued by the Respondent started getting dishonored. The Appellant initially filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was later withdrawn following a settlement agreement.
…Nirmal Jain (Appellant) purchased a studio apartment in a project by Indirapuram Habitat Centre Pvt. Ltd. (Respondent/Corporate Debtor) in 2016. The Respondent promised a 12% annual return. The Appellant later shifted to a commercial shop. A Builder Buyer Agreement (BBA) was executed on 22.11.2016, and a memorandum of understanding on 30.12.2016. Possession was to be given within 24 months with a 6-month grace period. In March 2017, the Respondent informed the Appellant that possession would be offered in April 2017, ceasing further assured returns. The Appellant sent a legal notice on 18.09.2017, after which the Respondent cleared arrears. Due to failure in offering possession, the Appellant sought a refund. The Respondent offered a commercial shop unit F-445A with an
…Appellant purchased a…
Builder Buyer Agreement…