The case involves an appeal against an order passed by the Adjudicating Authority (NCLT, Bengaluru Bench) which admitted an application filed by the Respondent under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Appellants, Jain Heights and Structures Pvt. Ltd., claim that the Respondent, Bheemasamudra Land Developers and Builders, is not an operational creditor and that there is a pre-existing dispute regarding the debt. The corporate debtor purchased land from the respondent, and a subsequent Memorandum of Understanding (MOU) was executed for additional services related to the land. Disputes arose regarding the MOU and payments, leading to the initiation of CIRP.
Jain Heights and Structures Pvt. Ltd. (Appellants) filed an appeal against the order of the Adjudicating Authority (NCLT, Bengaluru) which admitted an application under Section 9 of IBC filed by Bheemasamudra Land Developers and Builders (Respondent/Operational Creditor). The Appellants own 96% of the equity share capital in Metrik Infra Projects Pvt. Ltd. (Corporate Debtor). The Corporate Debtor purchased land from the Respondent for Rs.24,06,00,000. Subsequent to the purchase, disputes arose regarding the land due to pending suits. The Corporate Debtor issued cheques to the Respondent, which were later claimed to be lost. A Memorandum of Understanding (MOU) was allegedly entered into on 08.06.2015, where the Corporate Debtor agreed to pay Rs.6 Crores to the
…Sign in to view the parties.
Sale Deed executed between the Respondent and…
Corporate Debtor issued a legal notice calling…
The case involves an appeal against an order passed by the Adjudicating Authority (NCLT, Bengaluru Bench) which admitted an application filed by the Respondent under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Appellants, Jain Heights and Structures Pvt. Ltd., claim that the Respondent, Bheemasamudra Land Developers and Builders, is not an operational creditor and that there is a pre-existing dispute regarding the debt. The corporate debtor purchased land from the respondent, and a subsequent Memorandum of Understanding (MOU) was executed for additional services related to the land. Disputes arose regarding the MOU and payments, leading to the initiation of CIRP.
Jain Heights and Structures Pvt. Ltd. (Appellants) filed an appeal against the order of the Adjudicating Authority (NCLT, Bengaluru) which admitted an application under Section 9 of IBC filed by Bheemasamudra Land Developers and Builders (Respondent/Operational Creditor). The Appellants own 96% of the equity share capital in Metrik Infra Projects Pvt. Ltd. (Corporate Debtor). The Corporate Debtor purchased land from the Respondent for Rs.24,06,00,000. Subsequent to the purchase, disputes arose regarding the land due to pending suits. The Corporate Debtor issued cheques to the Respondent, which were later claimed to be lost. A Memorandum of Understanding (MOU) was allegedly entered into on 08.06.2015, where the Corporate Debtor agreed to pay Rs.6 Crores to the
…Sale Deed executed between the Respondent and…
Corporate Debtor issued a legal notice calling…