The case involves an appeal against an order dated 12.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, concerning M.A. No. 3691 of 2019. The appellant, Maharashtra Industrial Development Corporation (MIDC), had allotted a plot to the Corporate Debtor on 23.12.2014, and a lease agreement was executed. A license was granted on 20.01.2015, requiring 20% construction completion within two years. A tripartite agreement was executed with DHFL, where the plot was mortgaged, and a loan was disbursed. MIDC issued a notice on 01.11.2018 to the Corporate Debtor to show cause for not completing construction. CIRP was initiated on 11.03.2019 against the Corporate Debtor. MIDC issued a letter on 29.01.2019 to DHFL, informing of the breach
…Maharashtra Industrial Development Corporation (MIDC) allotted Plot No. B-11 to a Corporate Debtor on 23.12.2014. A lease agreement was executed between MIDC and the Corporate Debtor. On 20.01.2015, a license was granted, requiring the Corporate Debtor to complete 20% construction within two years, i.e., by 19.01.2017. A tripartite agreement was executed between the Corporate Debtor, MIDC, and DHFL, where the plot was mortgaged to DHFL, and a loan of Rs.7,22,80,214/- was disbursed to the Corporate Debtor. On 01.11.2018, MIDC issued a notice to the Corporate Debtor asking it to show cause why action should not be taken for not completing construction. On 11.03.2019, Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. On 29.01.2019,
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Maharashtra Industrial Development…
A license was granted, requiring the Corporate…
The case involves an appeal against an order dated 12.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, concerning M.A. No. 3691 of 2019. The appellant, Maharashtra Industrial Development Corporation (MIDC), had allotted a plot to the Corporate Debtor on 23.12.2014, and a lease agreement was executed. A license was granted on 20.01.2015, requiring 20% construction completion within two years. A tripartite agreement was executed with DHFL, where the plot was mortgaged, and a loan was disbursed. MIDC issued a notice on 01.11.2018 to the Corporate Debtor to show cause for not completing construction. CIRP was initiated on 11.03.2019 against the Corporate Debtor. MIDC issued a letter on 29.01.2019 to DHFL, informing of the breach
…Maharashtra Industrial Development Corporation (MIDC) allotted Plot No. B-11 to a Corporate Debtor on 23.12.2014. A lease agreement was executed between MIDC and the Corporate Debtor. On 20.01.2015, a license was granted, requiring the Corporate Debtor to complete 20% construction within two years, i.e., by 19.01.2017. A tripartite agreement was executed between the Corporate Debtor, MIDC, and DHFL, where the plot was mortgaged to DHFL, and a loan of Rs.7,22,80,214/- was disbursed to the Corporate Debtor. On 01.11.2018, MIDC issued a notice to the Corporate Debtor asking it to show cause why action should not be taken for not completing construction. On 11.03.2019, Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. On 29.01.2019,
…Maharashtra Industrial Development…
A license was granted, requiring the Corporate…