The case involves a batch of five appeals filed by Indiabulls Distribution Services Ltd. against various Xrbia developers (Chakan, Developers, Aobode, Warai). Indiabulls, acting as a consultant, entered into agreements with the Xrbia developers to market units in their projects and receive brokerage. Disputes arose regarding the payment of brokerage, leading Indiabulls to file applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority dismissed the applications based on a pre-existing dispute evidenced by an email dated 01.03.2017.
Indiabulls Distribution Services Ltd. entered into agreements with various Xrbia developers (Chakan Developers Pvt. Ltd., Xrbia Developers Ltd., Xrbia Aobode Developers Pvt. Ltd., Xrbia Warai Developers Pvt. Ltd.) to act as a consultant for marketing units in their projects. The agreements, dated 09.03.2016, stipulated that Indiabulls would receive brokerage for booking units. Indiabulls claimed that the Xrbia developers failed to pay the agreed-upon brokerage. Indiabulls served demand notices dated 19.02.2019 under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Xrbia developers replied to the demand notices, except in the case of Xrbia Eiffel City II. Indiabulls filed applications under Section 9 of the IBC before the Adjudicating Authority, seeking to
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Agreements entered into between Indiabulls…
Email sent which the Adjudicating Authority…
The case involves a batch of five appeals filed by Indiabulls Distribution Services Ltd. against various Xrbia developers (Chakan, Developers, Aobode, Warai). Indiabulls, acting as a consultant, entered into agreements with the Xrbia developers to market units in their projects and receive brokerage. Disputes arose regarding the payment of brokerage, leading Indiabulls to file applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority dismissed the applications based on a pre-existing dispute evidenced by an email dated 01.03.2017.
Indiabulls Distribution Services Ltd. entered into agreements with various Xrbia developers (Chakan Developers Pvt. Ltd., Xrbia Developers Ltd., Xrbia Aobode Developers Pvt. Ltd., Xrbia Warai Developers Pvt. Ltd.) to act as a consultant for marketing units in their projects. The agreements, dated 09.03.2016, stipulated that Indiabulls would receive brokerage for booking units. Indiabulls claimed that the Xrbia developers failed to pay the agreed-upon brokerage. Indiabulls served demand notices dated 19.02.2019 under Section 8 of the Insolvency and Bankruptcy Code, 2016. The Xrbia developers replied to the demand notices, except in the case of Xrbia Eiffel City II. Indiabulls filed applications under Section 9 of the IBC before the Adjudicating Authority, seeking to
…Agreements entered into between Indiabulls…
Email sent which the Adjudicating Authority…