The case involves two appeals against the same order dated 08.09.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The appeals concern the rejection of an application filed by landowners/intervenors. The corporate debtor, M/s Wadhwa Buildcon LLP, a real estate company, entered into a Development Agreement with the landowners, including the Appellants, for the development of a parcel of land. As consideration, the corporate debtor agreed to give 45% of the constructed area to the landowners. The Bank of India initiated insolvency proceedings against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had issued allotment letters to the Appellants for 117 flats and 20 commercial
…M/s Wadhwa Buildcon LLP, a real estate company, entered into a Development Agreement dated 23.01.2006 with landowners, including Namdeo Ramchandra Patil and Ravikant Ramchandra Patil. The agreement stipulated that the landowners would receive 45% of the constructed area as consideration for development rights. The landowners also received a refundable security deposit of Rs. 1.75 crores. Subsequently, the Corporate Debtor issued allotment letters to the landowners for 117 flats and 20 commercial shops. Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Wadhwa Buildcon LLP under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 28.07.2020. The landowners filed a claim as Financial Creditors for Rs. 129,98,09,612.57, including the
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A Development Agreement…
Order passed by the Adjudicating Authority…
The case involves two appeals against the same order dated 08.09.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The appeals concern the rejection of an application filed by landowners/intervenors. The corporate debtor, M/s Wadhwa Buildcon LLP, a real estate company, entered into a Development Agreement with the landowners, including the Appellants, for the development of a parcel of land. As consideration, the corporate debtor agreed to give 45% of the constructed area to the landowners. The Bank of India initiated insolvency proceedings against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had issued allotment letters to the Appellants for 117 flats and 20 commercial
…M/s Wadhwa Buildcon LLP, a real estate company, entered into a Development Agreement dated 23.01.2006 with landowners, including Namdeo Ramchandra Patil and Ravikant Ramchandra Patil. The agreement stipulated that the landowners would receive 45% of the constructed area as consideration for development rights. The landowners also received a refundable security deposit of Rs. 1.75 crores. Subsequently, the Corporate Debtor issued allotment letters to the landowners for 117 flats and 20 commercial shops. Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Wadhwa Buildcon LLP under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 28.07.2020. The landowners filed a claim as Financial Creditors for Rs. 129,98,09,612.57, including the
…A Development Agreement…
Order passed by the Adjudicating Authority…