The case involves two appeals (1116/2024 and 1117/2024) filed by the same appellant challenging orders passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi). The appeals concern a dispute over land ownership and development rights in the context of a Corporate Insolvency Resolution Process (CIRP). The appellant claims ownership of the land and seeks its exclusion from the CIRP of the corporate debtor, Adel Landmarks Ltd. The dispute arises from a series of agreements, including a Memorandum of Understanding (MoU), Collaboration Agreement, and Assignment Agreement, involving the appellant, Upkar Developers (India) Pvt. Ltd., Era Landmarks (India) Ltd. (later renamed Adel Landmarks Ltd.), and Parinda Buildcon Private Limited. The Adjudicating
…The appellants are the owners of land measuring 36 acres 04 Guntas in Bangalore. In 2008, they entered into an MoU with Upkar Developers (India) Pvt. Ltd., a company incorporated by the appellants. A loan of Rs. 15 Crores was taken from HUDCO, mortgaging the land. A Collaboration Agreement was signed with Upkar Developers and Era Landmarks (India) Ltd., where Era Landmarks was designated as the Developer, responsible for discharging the HUDCO loan and developing the project. The developer was to pay Rs. 35 Crores as an interest-free Refundable Security Deposit. In 2010, an Assignment Agreement was entered into by the Developer with its subsidiary, Parinda Buildcon Private Limited, assigning development rights. Legal notices were issued in 2012 alleging the corporate
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Appellants and Karar…
Collaboration Agreement signed with Upkar…
The case involves two appeals (1116/2024 and 1117/2024) filed by the same appellant challenging orders passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi). The appeals concern a dispute over land ownership and development rights in the context of a Corporate Insolvency Resolution Process (CIRP). The appellant claims ownership of the land and seeks its exclusion from the CIRP of the corporate debtor, Adel Landmarks Ltd. The dispute arises from a series of agreements, including a Memorandum of Understanding (MoU), Collaboration Agreement, and Assignment Agreement, involving the appellant, Upkar Developers (India) Pvt. Ltd., Era Landmarks (India) Ltd. (later renamed Adel Landmarks Ltd.), and Parinda Buildcon Private Limited. The Adjudicating
…The appellants are the owners of land measuring 36 acres 04 Guntas in Bangalore. In 2008, they entered into an MoU with Upkar Developers (India) Pvt. Ltd., a company incorporated by the appellants. A loan of Rs. 15 Crores was taken from HUDCO, mortgaging the land. A Collaboration Agreement was signed with Upkar Developers and Era Landmarks (India) Ltd., where Era Landmarks was designated as the Developer, responsible for discharging the HUDCO loan and developing the project. The developer was to pay Rs. 35 Crores as an interest-free Refundable Security Deposit. In 2010, an Assignment Agreement was entered into by the Developer with its subsidiary, Parinda Buildcon Private Limited, assigning development rights. Legal notices were issued in 2012 alleging the corporate
…Appellants and Karar…
Collaboration Agreement signed with Upkar…