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$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 18 September 2024 Pronounced on: 23 December 2024 +
O.M.P.(I) (COMM.) 401/2023, I.As. 4358/2024 & 34878/2024 INDIABULLS COMMERCIAL CREDIT LTD. .....Petitioner Through: Mr. Anirudh Bakhru, Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs. versus AMBIENCE PRIVATE LTD. .....Respondent Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs. +
O.M.P.(I) (COMM.) 405/2023, I.A. 34882/2024 INDIABULLS HOUSING FINANCE LIMITED .....Petitioner Through: Mr. Karan Bharihoke, Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs. versus SURABHI GEHLOT ....Respondent Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs. +
O.M.P.(I) (COMM.) 406/2023, I.As. 30160/2024 & 34867/2024
Digitally Signed By:AJIT
OMP (I) (COMM.) 401/2023 and other connected matters INDIABULLS COMMERCIAL CREDIT LTD.
.....Petitioner Through: Mr. Rajiv Nayar, Sr. Adv. with Mr. Ankit Banati, Mr. Adith Nair, Mr. Saurabh Seth, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs. versus AMBIENCE PROJECTS AND INFRASTRUCTURE PVT.
LTD.
.....Respondent Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs. +
O.M.P.(I) (COMM.) 407/2023, I.A. 34872/2024 INDIABULLS HOUSING FINANCE LIMITED .....Petitioner Through: Mr. Karan Bharihoke, Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs. versus SARA ESTATES PRIVATE LIMITED & ANR ...Respondents
Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs. +
O.M.P.(I) (COMM.) 408/2023, I.As. 30159/2024 & 34883/2024 INDIABULLS HOUSING FINANCE LTD. .....Petitioner Through: Mr. Dayan Krishnan, Sr. Adv. with Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs.
versus
Digitally Signed By:AJIT
OMP (I) (COMM.) 401/2023 and other connected matters AMBIENCE PROJECTS AND INFRASTRUCTURE PVT. LTD.
.....Respondent Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs. CORAM: HON'BLE MR. JUSTICE C. HARI SHANKAR
JUDGMENT
%
1. The petitioner Indiabulls Housing Finance Ltd 1 is a financier.
Against monies lent by the petitioner to the respondent Ambience Projects and Infrastructure Pvt Ltd 2 , Ambience agreed to sell housing units, in various housing projects of theirs, to Indiabulls. The projects in question are Ambience Tiverton 3 , Caitriona Residential Apartment Complex 4 and Ambience Creacion 5 , of which Tiverton is located at NOIDA and Caitriona and Creacion are located in Gurugram. Subsequently, by different Cancellation Deeds, the ATSs, in respect of some of the units, were cancelled. A total of 17 Agreements to Sell 6 were, therefore, executed between Indiabulls and Ambience, the basic
OMP (I) (COMM.) 401/2023 and other connected matters details of which, petition-wise, may be provided thus:
r. No
Date of ATS
No. of housi- ng units
Sale Consideratio -n (₹)*
Amount paid (₹)*
No of units cancelle- d *
Amount payable by Ambience against cancelled units*§
Amount paid by Ambience towards cancellation *§
OMP (I) (Comm)
1
18 November 2022
20
484120000/-
484120000/-
14
338884000/-
126824000/
401/202 3
2
12 October 2021
1
79327528/-
75361152/-
-
-
-
405/202 3
3
12 October 2021
1
93271076/-
88607522/-
-
-
-
4
27 April 2022
37
959385457/-
70.68 crores
3
2120541462/-
-
406/202 3
5
20 July 2022
38
960034045/-
70.70 crores
-
-
6
20 July 2022
22
626347171/-
44.42 crores
1
17987690/-
-
7
29 July 2022
8
202206932/-
14.89 crores
-
-
-
8
28 October 2022
13
329825378/-
18.95 crores
2
15386027/-
-
9
28 October 2022
132
3681581974/-
242.28 crores
9
191889397/-
-
10
4 October 2021
1
78330972/-
74414423/-
-
-
-
407/202 3
11
4 October 2021
1
81443948/-
77371750/-
-
-
-
12
4 October 2021
1
78327492/-
74411117/-
-
-
-
13
4 October 2021
1
81475152/-
77401394/-
-
-
-
14
4 October 2021
1
81475152/-
77401394/-
-
-
-
15
4 October 2021
1
81475152/-
77401394/-
-
-
-
16
30 September 2020
51
1277081863/-
84.52 crores
3
80275048/-
-
408/202 3
17
12 April 2021
10
253987746/-
15.05 crores
1
25323940/-
-
Digitally Signed By:CHANDRASHEKHARAN HARI SHANKAR 16:01:54 Digitally Signed By:AJIT
OMP (I) (COMM.) 401/2023 and other connected matters Digitally Signed By:CHANDRASHEKHARAN HARI SHANKAR 16:01:54 Digitally Signed By:AJIT
* The figures in the above chart have been collated from the pleadings, the ATSs and the cancellation deeds.
§ In respect of cancellations, as the figures pertaining to the cancellations which took place after the OMPs were filed are not forthcoming, they are not reflected in the table.
Resultantly, the ATS, which were in respect of a total 306 housing units, out of which Cancellation Deeds were executed in respect of 33 units, thereby resulting in 273 surviving units.
2. Also, out of a total sale consideration of ₹ 8935445055/-, covering all the ATSs, an amount of ₹ 6380775728/- stands paid by Indiabulls to Ambience. Letters from Indiabulls, acknowledging receipt of the entire said payment, have been placed on record by Indiabulls in the relevant OMP files. As such, there is no dispute regarding the factum of the said payments having been made.
3. It is also not in dispute that no Sale Deeds, in respect of a single unit, in any of the projects forming subject matter of these petitions, has been executed between the parties. As such, the uncontested position that results is that a total amount of ₹ 6380775728/- stands paid by Indiabulls to Ambience, but not a single unit has been
OMP (I) (COMM.) 401/2023 and other connected matters
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