M/S Shahirealtech Private ... vs M/S Celebration City Projects P. ... on 13 January, 2015

reserved on: 17th November, 2014 Order pronounced on: 13th January, 2015 Co. Pet. 148/2014 M/S SHAHIREALTECH PRIVATE LIMITED ....PETITIONER Through: Mr. Balbir Singh, Advocate Versus M/S CELEBRATION CITY PROJECTS P. LTD....RESPONDENT Through: Mr. Sacchin Puri and Ms. Hrishika Pandit, Advocates CORAM: HON'BLE MR. JUSTICE SANJEEV SACHDEVA SANJEEV SACHDEVA, J.

1. The present petition has been filed by the Petitioner seeking winding up of the Respondent for the alleged failure to pay a sum of Rs. 17,26,41,591/-.

2. As per the Petitioner, the Respondent entered into a Joint Development Agreement (JDA) with the Petitioner for development of a Shopping Mall cum Multiplex. On the same day, in order to implement the JDA, a Collaboration Agreement was entered into between the parties for joint development of the project.

======================================================================== Co. Pet. 148/2014 Page 1 of 11

3. The contention of the Petitioner is that as per the agreement between the parties the Petitioner had to contribute Rs. 20,61,71,015/- towards the cost of the project. The balance cost was to be contributed by the Respondent. As per the JDA the Petitioner was entitled to a specified area in the project.

4. The contention of the Petitioner is that clause 2 of the agree