- (1.) M/S Raj Hans Towers Private Ltd. through its Director Narendra Barmecha is before this Court assailing the validity of the order dated 16.8.2016 / 20.02.2016 passed by second respondent, whereby the claim for extension of benefit of one time settlement scheme had been turned down.
(2.) The record in question reflects that the petitioner is a company incorporated under the provisions of Companies Act, 1956. The dispute in the present petition relates to Commercial Plot No.4/com-1 admeasuring 5532.73 sq. mtrs. and situated at Sector-4, Vasundhara Yojna, Ghaziabad. The aforesaid plot in question was put for auction by the second respondent on 22.9.2005. In the said auction the petitioner company being a highest bidder, the plot in question was allotted to the petitioner company at the cost of Rs.13,97,56,760.00 inclusive of free hold charges. The allotment letter dated 22.9.2005 was issued by the second respondent in favour of the petitioner giving following schedule for payment:-
(3.) It appears that the second respondent had executed an agreement with the petitioner company on 31.3.2010. It is also relevant to indicate that till 31.3.2010 the petitioner company had deposited only 30% of the total amount i.e. Rs.4,19,27,028/- and admittedly had not complied the terms and conditions of the allotment letter. The record further revealed that even the physical possession of the plot in question was handed over in favour of the petitioner company on 10.6.2010. Meanwhile on account of default the petitioner company had approached to the respondents for rescheduling the payment and accordingly revised payment schedule was given to the petitioner. In response thereof the petitioner company had deposited Rs.7,68,80,308/- and the remaining balance amount was liable to be deposited in three monthly installments of Rs.1,88,11,233.00 starting from 1st January, 2010 and ending on last day of September, 2012. This is also admitted situation that in response thereof the petitioner company had not deposited the requisite amount on time.;