The case involves a dispute between M/s Manyata Reality (the petitioner/firm) and Buoyant Technology Constellation Private Limited (the respondent/company). The dispute arose from Joint Development Agreements entered into between 2010 and 2015, stemming from a memorandum of understanding in 2009. The petitioner issued a notice to the respondent regarding termination of the agreement and claimed damages. The petitioner initiated arbitration, and the respondent filed a counter claim. Subsequently, the respondent initiated insolvency proceedings against the petitioner under Section 95 of the Insolvency and Bankruptcy Code (IBC), leading the petitioner to challenge the jurisdiction of the National Company Law Tribunal (NCLT) to entertain the petition.
M/s Manyata Reality, a partnership firm, entered into a memorandum of understanding with landowners, including Buoyant Technology Constellation Private Limited, in 2009. Joint Development Agreements were executed between 2010 and 2015. A dispute arose, leading Manyata Infrastructure Development to issue a termination notice and claim damages. Manyata Reality initiated arbitration, and Buoyant Technology filed a counter claim in 2023. Subsequently, Buoyant Technology filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT) against Manyata Reality and its directors. Manyata Reality challenged the NCLT's jurisdiction, arguing that the IBC does not apply to partnership firms or their directors, unless
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The firm enters into a memorandum of…
Between 2010 and 2015 the respondent/Company…
The case involves a dispute between M/s Manyata Reality (the petitioner/firm) and Buoyant Technology Constellation Private Limited (the respondent/company). The dispute arose from Joint Development Agreements entered into between 2010 and 2015, stemming from a memorandum of understanding in 2009. The petitioner issued a notice to the respondent regarding termination of the agreement and claimed damages. The petitioner initiated arbitration, and the respondent filed a counter claim. Subsequently, the respondent initiated insolvency proceedings against the petitioner under Section 95 of the Insolvency and Bankruptcy Code (IBC), leading the petitioner to challenge the jurisdiction of the National Company Law Tribunal (NCLT) to entertain the petition.
M/s Manyata Reality, a partnership firm, entered into a memorandum of understanding with landowners, including Buoyant Technology Constellation Private Limited, in 2009. Joint Development Agreements were executed between 2010 and 2015. A dispute arose, leading Manyata Infrastructure Development to issue a termination notice and claim damages. Manyata Reality initiated arbitration, and Buoyant Technology filed a counter claim in 2023. Subsequently, Buoyant Technology filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT) against Manyata Reality and its directors. Manyata Reality challenged the NCLT's jurisdiction, arguing that the IBC does not apply to partnership firms or their directors, unless
…The firm enters into a memorandum of…
Between 2010 and 2015 the respondent/Company…