Company Petition, J. - (1.) This Petition has been filed under Section 9 of the Insolvency and Bankruptcy Code 2016 (for brevity the 'Code') with a prayer to initiate an insolvency process against the respondent Company, namely, K.B.K. Developers Private Limited. The Petitioners are son and father. They booked a residential Flat No. 1 RIS-102 having super area of 1295 sqft. with construction linked plan in the Green Avenue project. They paid a total sum of Rs. 25,97,940/-. On the deposit made by the petitioners, the respondent issued them an allotment letter on 1.11.2012 which contains terms & conditions of the allotment and the same has been placed on record (Annexure-B). The respondent was to hand over the possession of the residential flat positively within a period of 30 months from the date of allotment letter which expired on Rs.30.4.2015.
(2.) On account of the delay in raising the construction, the petitioner had sent a number of e-mail messages and also visited the office of the respondent company and also held a meeting on 16.7.2016. It is asserted that respondent had agreed to cancel the allotment and refund the amount of Rs. 25,97,940/- along with the interest @ 19% P.a. for the delay period in accordance with the builder-buyer agreement dated 01.11.2012. A copy of the minutes of the meeting dated 16.7.2016 has been placed on record (Annexure-C). Accordingly, the petitioner opted for cancelling of the residential flat and requested the Respondent No. 2 to refund the amount with interest allegedly agreed by all the parties, a copy of the e-mail dated 08.9.2016 has also been placed on record (Annexure-D). The respondent company has asked for some documents to process the claim which was duly provided by the petitioner. There are several allegations contained in Para-7 of the brief synopsis' highlighting that on 15.9.2016, respondent sent an e-mail dated 15.9.2016 asking the Petitioner No. 1 to meet the Director to collect the amount along with interest. Accordingly, the Petitioner No. 1 sent to the office of the respondent on 17.9.2016. According to the allegations, the respondent company did not issue any cheque and asked for no objection certificate of Home Loan section of the Axis Bank. However, no e-mail dated 15.9.2016 or any evidence of the visit of Petitioner No. 1 on 17.9.2016 has been placed on record.
(3.) On 20.6.2016, the respondent again wrote an e-mail after making reference to the mail of the petitioner dated 23 & 26.9.2016 and asked the petitioner to supply various documents. However, in the e-mail dated 14.10.2016, the respondent has conceded with regard to the offer made for the refund of the amount in the form of four post dated cheques on quarterly basis. The petitioner did not agree and requested for revised amount of cheques. Eventually, the petitioner served statutory notice under Section 433 of the Companies Act, 1956 and a notice as per performa under the Code on 23.1.2017. Another notice under the Code was also issued on 10.2.2017 calling upon the respondent to pay the outstanding principal sum with interest @ 18% p.a. The notices have been duly served.;