The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Ample Infrastructure Pvt. Ltd. against Intellicity Business Park Pvt. Ltd., the Corporate Debtor. The application was admitted by the Adjudicating Authority (National Company Law Tribunal) on 2019-05-27. The appeal was filed by the Director of the Corporate Debtor.
Ample Infrastructure Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Intellicity Business Park Pvt. Ltd. before the NCLT, New Delhi. The application was admitted on 2019-05-27. The Appellant claims there was a builder-buyer agreement between the Financial Creditor and the Corporate Debtor. The agreement, dated 2013-10-03, contained a clause (clause-11) related to the schedule for possession. The Corporate Debtor was supposed to deliver possession by October 2017, or by April 2018 with a six-month grace period. Clause 11(b) provided for compensation in case of delay due to force majeure. Clause 51 of the agreement allowed for cancellation/withdrawal with a deduction of 15% of the basic sale price. The Appellant argued
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Date of the builder-buyer agreement between…
Original date by which…
The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Ample Infrastructure Pvt. Ltd. against Intellicity Business Park Pvt. Ltd., the Corporate Debtor. The application was admitted by the Adjudicating Authority (National Company Law Tribunal) on 2019-05-27. The appeal was filed by the Director of the Corporate Debtor.
Ample Infrastructure Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Intellicity Business Park Pvt. Ltd. before the NCLT, New Delhi. The application was admitted on 2019-05-27. The Appellant claims there was a builder-buyer agreement between the Financial Creditor and the Corporate Debtor. The agreement, dated 2013-10-03, contained a clause (clause-11) related to the schedule for possession. The Corporate Debtor was supposed to deliver possession by October 2017, or by April 2018 with a six-month grace period. Clause 11(b) provided for compensation in case of delay due to force majeure. Clause 51 of the agreement allowed for cancellation/withdrawal with a deduction of 15% of the basic sale price. The Appellant argued
…Date of the builder-buyer agreement between…
Original date by which…