2.1. The respondent company is engaged in business of the real estate development. The petitioner had applied to the respondent company on 15.02.2007 for booking of a residential unit in its project “Eastern Homes” proposed to be developed by the respondent at Dasna, Ghaziabad (U.P.) on National Highway - 24. The petitioner had also paid a sum of `1,48,500/- along with the printed application form and the same was duly accepted by the respondent company. The application form also contained the terms and conditions on which the bookings were accepted by the respondent. Clause “(b)” of the terms and conditions provided that in the event the developer was not in a position to offer the allotment of the unit within a period of 12 months, the Developer would refund the advance along with simple interest at the rate of 9% per annum. The said clause (b) is relevant and is quoted below:-

“In case the Developer is not in a position to make offer of allotment for the Flats/Shops/Plots/Independent Floor/Villas/ Mall Stores within a period of 12 months from the date of my/our application for any reason whatsoever, we shall only be entitled to refund of the Advance for Provisional Re