The appellant, an allottee of real estate, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) jointly against the 1st and 2nd respondents, who are considered the corporate debtors. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected the application on March 12, 2018, because the application under Section 7 of the IBC cannot be filed jointly against two corporate debtors. The respondents, AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd., had entered into a Collaboration Agreement on May 3, 2013, for the development of a piece of land. A Memorandum of Understanding was reached on June 20, 2014, between Earth Infrastructure Ltd.
…Mrs. Mamatha, the appellant and an allottee of real estate, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). This application was filed jointly against AMB Infrabuild Pvt. Ltd. (1st Respondent) and Earth Galleria Pvt. Ltd. (2nd Respondent), both considered corporate debtors. The Adjudicating Authority rejected the application on March 12, 2018, stating that a joint application against two corporate debtors is not maintainable under Section 7 of the IBC. AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd. entered into a Collaboration Agreement on May 3, 2013, for developing a piece of land, with AMB Infrabuild as the 'Owner' and Earth Galleria as the 'Developer'. A
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AMB Infrabuild Pvt. Ltd. and Earth Galleria…
A Memorandum of Understanding was reached…
The appellant, an allottee of real estate, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) jointly against the 1st and 2nd respondents, who are considered the corporate debtors. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected the application on March 12, 2018, because the application under Section 7 of the IBC cannot be filed jointly against two corporate debtors. The respondents, AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd., had entered into a Collaboration Agreement on May 3, 2013, for the development of a piece of land. A Memorandum of Understanding was reached on June 20, 2014, between Earth Infrastructure Ltd.
…Mrs. Mamatha, the appellant and an allottee of real estate, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). This application was filed jointly against AMB Infrabuild Pvt. Ltd. (1st Respondent) and Earth Galleria Pvt. Ltd. (2nd Respondent), both considered corporate debtors. The Adjudicating Authority rejected the application on March 12, 2018, stating that a joint application against two corporate debtors is not maintainable under Section 7 of the IBC. AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd. entered into a Collaboration Agreement on May 3, 2013, for developing a piece of land, with AMB Infrabuild as the 'Owner' and Earth Galleria as the 'Developer'. A
…AMB Infrabuild Pvt. Ltd. and Earth Galleria…
A Memorandum of Understanding was reached…