This case involves an appeal against an order dated 2nd April, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, Mumbai. The order rejected the application filed by the Resolution Professional for amendment and refused to apply the provision of Section 14(1)(d) of the Insolvency and Bankruptcy Code (I&B Code) regarding a moratorium on the land belonging to the Maharashtra Housing and Area Development Authority (MHADA). The land was originally owned by Bombay Housing & Area Development Board and later vested in MHADA. A Joint Development Agreement was executed between a society, Guru Ashish Construction Private Limited (Corporate Debtor), and MHADA for construction. The Corporate Debtor defaulted on a loan from Union
…The land in question originally belonged to ‘Bombay Housing & Area Development Board', which was vested in the ‘Maharashtra Housing and Area Development Authority' in the year 1966. The land admeasuring 40 acres was allotted in favour of a society on 8th February, 1988. The society entered into an agreement with ‘Guru Ashish Construction Private Limited' ('Corporate Debtor') and a ‘Joint Development Agreement' was executed between the Society, ‘Corporate Debtor’ and ‘Maharashtra Housing and Area Development Authority' on 10th April, 2008 for construction of building by the ‘Corporate Debtor’. The 'Corporate Debtor' had taken Rs. 200 Crores Term Loan Facility from the 'Union Bank of India' on 25th March, 2011. On 20th March, 2017, a suit was filed before the Hon'ble
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The land in question was vested in the…
The land admeasuring 40…
This case involves an appeal against an order dated 2nd April, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, Mumbai. The order rejected the application filed by the Resolution Professional for amendment and refused to apply the provision of Section 14(1)(d) of the Insolvency and Bankruptcy Code (I&B Code) regarding a moratorium on the land belonging to the Maharashtra Housing and Area Development Authority (MHADA). The land was originally owned by Bombay Housing & Area Development Board and later vested in MHADA. A Joint Development Agreement was executed between a society, Guru Ashish Construction Private Limited (Corporate Debtor), and MHADA for construction. The Corporate Debtor defaulted on a loan from Union
…The land in question originally belonged to ‘Bombay Housing & Area Development Board', which was vested in the ‘Maharashtra Housing and Area Development Authority' in the year 1966. The land admeasuring 40 acres was allotted in favour of a society on 8th February, 1988. The society entered into an agreement with ‘Guru Ashish Construction Private Limited' ('Corporate Debtor') and a ‘Joint Development Agreement' was executed between the Society, ‘Corporate Debtor’ and ‘Maharashtra Housing and Area Development Authority' on 10th April, 2008 for construction of building by the ‘Corporate Debtor’. The 'Corporate Debtor' had taken Rs. 200 Crores Term Loan Facility from the 'Union Bank of India' on 25th March, 2011. On 20th March, 2017, a suit was filed before the Hon'ble
…The land in question was vested in the…
The land admeasuring 40…