- (1.) Heard learned counsel for the petitioner as well as learned Standing Counsel appearing for the State respondents and Sri A.S. Rana, learned counsel for the respondents no. 1 to 3-U.P. Awas Evam Vikas Parishad, Lucknow (hereinafter referred as to the 'Parishad') and have perused the record.
(2.) The petitioners-Company, being the highest bidder, were allotted a piece of commercial land measuring 1487.50 sq. meter and the total bid price of the said land was calculated to Rs. 10,50,17,500/-. The said amount was required to be deposited in installments as narrated in paragraphs 9 and 10 of the petition. The petitioners were delivered possession of the said land on 15.12.2009. The petitioners also received letter of acceptance on 27.10.2009, which contained certain conditions regarding constructions to be raised by the petitioners. The total amount paid from 15.2.2008 to 3.5.2012 has been shown in the chart (filed as Annexure 3 to the petition), which indicates that a sum of Rs. 6,60,88,725/- was deposited by the petitioners till 3.5.2012.
(3.) It has been stated in various paragraphs that due to great financial distress in the market and the valuation of property has come down, the petitioners suffered huge financial losses and could not make regular payment. As such, the default in making payment is admitted by the petitioners. Consequently, a recovery certificate dated 31.3.2015 (Annexure 7 to the petition) was issued by the respondent-Parishad for recovery of total sum of Rs. 13,82,33,703/-, out of which a sum of Rs. 8,94,10,863/- was towards the installments due and Rs. 4,88,22,840/- was towards the penal interest. Subsequently, another letter/reminder dated 28.5.20015 in relation to the several defaulters including the petitioners was issued, which is annexure 6 to the petition. In paragraph 28 of the petition, it has been submitted that the petitioners are ready and willing to make the payment due from them provided the interest is calculated at the rate of 18% and that they are further ready and willing to make payment in installments.;