S. K. Mohapatra, Member - (1.) Mr. Pawan Dubey and Mrs. Pushpa Dubey have jointly filed the present application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company M/s. J.B.K. Developers Private Limited claimed to be the corporate debtor.
(2.) The Respondent J.B.K Developers Private Limited, against whom initiation of Corporate Insolvency Resolution Process has been prayed for, is a company incorporated on 23.03.2003 under the companies Act, 1956 and has its registered office at 99 Patparganj, Delhi-110091. Since the registered office of the respondent company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under subsection (1) of Section 60 of the Code.
(3.) It is the case of the applicants that applicant No. 1 and his mother applicant No. 2, booked a commercial shop no. F-4 having a super area of 283 sq. ft. with assured return plan @ 14% per annum till 6 years and 16% in the seventh year in the Green Avenue project. The applicants have paid a total sum of Rs.25,77,565/- (Rupees Twenty Five lakhs Seventy Seven thousand Five Hundred Sixty Five only) , on which the Corporate debtor Company issued an allotment letter dated 23.07.2013 containing terms and conditions of the said allotment. Copy of the allotment letter dated 23.07.2013 stated to be the builder buyers agreement, has been placed on record. It is submitted that as per terms of the agreement executed on 23.07.2013, the corporate debtor was to handover the possession of the shop positively within 3 years from the aforesaid date i.e. from 23.07.2013.;