Judgment

BANERJEE, J.

( 1 ) M/s Skipper Constructions (P) Ltd was incorporated on 14th February, 1986 to undertake development and construction of commercial and residential complexes the activity is generally financed from advances/deposits from prospective buyers Skipper has had five other associates skipper Tower Private Limited, skipper Builders Private Limited, Skipper sales Private Limited Skipper Properties private Limited, and Anand Construction (Delhi) Private Limited

( 2 ) THE contextual facts depict that in an auction held on 8th October, 1980 in respect of the plot of land in Jhandewalan, the bid of Rs 982 lacs offered by skipper constructions was accepted by the Delhi development Authority (DDA herein) the company had deposited Rs 245 75 lacs on the date of auction and the balance amount of Rs 736 25 lacs was required to be deposited within 90 days the records depict that the company was able to raise a sum of Rs 645 66 lacs from the flat owners in stages, out of which Rs 583 25 lacs were paid to the dda towards the cost of the land The dda however, had agreed to recover the balance amount of Rs 398 75 lacs together with interest at the rate of 18% per annum amounting to