This appeal was filed by the Suspended Director of the Corporate Debtor, challenging the order dated 04.05.2022 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-IV, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Respondent No. 1, Deepak Gupta. The case revolves around a Memorandum of Understanding (MoU) entered into on 25.01.2013 between Respondent No. 1 and the Corporate Debtor, M/s Elixir Buildcon (P) Ltd., for a real estate transaction. As per the MoU, Respondent No. 1 agreed to purchase 30,000 sq. ft. of space at Rs. 2,800 per sq. ft., paying 15% of the basic sale price (Rs. 1,26,00,000) at the time of execution. A key clause stipulated that if the Corporate Debtor
…On 25.01.2013, Respondent No.1 (Deepak Gupta) and Respondent No.2 (Corporate Debtor M/s Elixir Buildcon (P) Ltd.) entered into a Memorandum of Understanding (MoU) for a real estate transaction. Respondent No.1, in the business of investments in real estate, offered to purchase 30,000 Sq. Ft at Rs.2,800/- Sq. Ft. The Second Party agreed to pay 15% of the Basic Sale Price, Rs.1,26,00,000/-, at the time of execution of the MoU, which was duly paid. Clause 9 of the MoU stipulated that the agreement would continue for 36 months from the date of signing or until possession of all flats/units, or transfer/assignment of the entire super built-up area, whichever was earlier. Clause 10 stated that if the First Party failed to launch the scheme within 180 days, it would be liable
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This appeal was filed by the Suspended Director of the Corporate Debtor, challenging the order dated 04.05.2022 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-IV, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Respondent No. 1, Deepak Gupta. The case revolves around a Memorandum of Understanding (MoU) entered into on 25.01.2013 between Respondent No. 1 and the Corporate Debtor, M/s Elixir Buildcon (P) Ltd., for a real estate transaction. As per the MoU, Respondent No. 1 agreed to purchase 30,000 sq. ft. of space at Rs. 2,800 per sq. ft., paying 15% of the basic sale price (Rs. 1,26,00,000) at the time of execution. A key clause stipulated that if the Corporate Debtor
…On 25.01.2013, Respondent No.1 (Deepak Gupta) and Respondent No.2 (Corporate Debtor M/s Elixir Buildcon (P) Ltd.) entered into a Memorandum of Understanding (MoU) for a real estate transaction. Respondent No.1, in the business of investments in real estate, offered to purchase 30,000 Sq. Ft at Rs.2,800/- Sq. Ft. The Second Party agreed to pay 15% of the Basic Sale Price, Rs.1,26,00,000/-, at the time of execution of the MoU, which was duly paid. Clause 9 of the MoU stipulated that the agreement would continue for 36 months from the date of signing or until possession of all flats/units, or transfer/assignment of the entire super built-up area, whichever was earlier. Clause 10 stated that if the First Party failed to launch the scheme within 180 days, it would be liable
…Respondent No.1 and Corporate Debtor entered…
Respondent No.1 issued a notice exercising…