The case involves an appeal against an order dated 2023-07-25 by the Adjudicating Authority, which admitted a Section 7 application filed by Financial Creditor Respondents Nos. 1 to 3. The dispute stems from an agreement between the Appellant (Developers) and Thakkars in 2010, where the developer was to develop property in a joint venture. Investors were to invest Rs. 6 Crores, with Rs. 3 Crores as advance. The agreement stipulated that if development didn't occur within six months, a grace period of one month would be provided. If developers failed to enter into an agreement, investors could terminate and receive the amount with 18% interest. Developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to Thakkars between 2010 and 2014. The Appellant claims
…In 2010, an agreement was established between Atul Nathalal Patel (the Appellant, a developer) and the Thakkars for a joint venture to develop a property. The agreement involved investors who were to invest Rs. 6 Crores, with Rs. 3 Crores paid upfront for development. The agreement stipulated a six-month development period, followed by a one-month grace period. If the developers failed to enter into an agreement, the investors had the option to terminate the agreement and receive their investment back with 18% interest. The developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to the Thakkars between 2010 and 2014. The Appellant claims that after 2011, there was no communication, and a police complaint was filed on 2019-07-04 when the Appellant discovered
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The case involves an appeal against an order dated 2023-07-25 by the Adjudicating Authority, which admitted a Section 7 application filed by Financial Creditor Respondents Nos. 1 to 3. The dispute stems from an agreement between the Appellant (Developers) and Thakkars in 2010, where the developer was to develop property in a joint venture. Investors were to invest Rs. 6 Crores, with Rs. 3 Crores as advance. The agreement stipulated that if development didn't occur within six months, a grace period of one month would be provided. If developers failed to enter into an agreement, investors could terminate and receive the amount with 18% interest. Developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to Thakkars between 2010 and 2014. The Appellant claims
…In 2010, an agreement was established between Atul Nathalal Patel (the Appellant, a developer) and the Thakkars for a joint venture to develop a property. The agreement involved investors who were to invest Rs. 6 Crores, with Rs. 3 Crores paid upfront for development. The agreement stipulated a six-month development period, followed by a one-month grace period. If the developers failed to enter into an agreement, the investors had the option to terminate the agreement and receive their investment back with 18% interest. The developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to the Thakkars between 2010 and 2014. The Appellant claims that after 2011, there was no communication, and a police complaint was filed on 2019-07-04 when the Appellant discovered
…An agreement was entered into between the…
Agreement between the…