2. It is submitted by the Learned Counsel appearing for the Petitioner that the present petition under Section 7 of IBC, 2016 has been filed by 104 Home Buyers who had booked flats in the Avalon Rosewood project developed by the Corporate Debtor at Khanpur, Alwar Byepass Road, Sector 16, Bhiwadi, Rajasthan. The threshold limit as prescribed under the Second Proviso to Section 7 of the Code has been met and therefore, the present petition is maintainable. It is submitted that the Home Buyers entered into a Builder Buyer Agreement which was executed on 23.07.2014. In terms of Clause 6.1, the builder is required to complete the project within 42 months with a grace period of six months. It is further submitted that the Petitioner/Home Buyers have paid substantial amount of the cost of the building for which the Corporate Debtor/Builder has issued proper acknowledgement/receipts. It is also submitted that from 2016 onwards no construction has taken place and Home Buyers have held several meetings with the Builder in this regard but the construction has not commenced. It is further submitted that 5 Home Buyers out of the 104 Home Buyers have settled the matter with the Corporate Debtor. Learned Counsel for the Petitioner, therefore, submitted that since the Corporate Debtor has failed to abide by the terms and conditions of the Agreement and deliver possession of the flats in question the present petition should be admitted and the CIRP be initiated against the Corporate Debtor.
