The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Raheja Developers Ltd. ('Corporate Debtor') based on an application filed by Ms. Shilpa Jain and Mr. Akash Jain (allottees) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi, initiated CIRP against the Corporate Debtor via an order dated August 20, 2019. The appellant, a shareholder/promoter, challenged the order, alleging fraudulent and malicious initiation of proceedings with an intent other than resolution of insolvency or liquidation. The appellant also claimed the application was barred by limitation and not maintainable.
Ms. Shilpa Jain and Mr. Akash Jain (allottees) booked an apartment in 'Raheja's Sampada', a residential project by 'Raheja Developers Ltd.' ('Corporate Debtor'). A joint allotment letter and Flat Buyer's Agreement were executed on August 3, 2012. The allottees disbursed Rs. 86,62,691/- to the 'Corporate Debtor' on different dates. As per the agreement, possession was to be provided within 36 months from August 3, 2012, ending on August 3, 2015, but construction was not completed. The 'Corporate Debtor' claimed to have issued a notice of possession on November 15, 2016, and alleged the allottees refused to take possession. The 'Corporate Debtor' also filed a Writ Petition challenging the constitutional validity of certain sections of the I&B Code. The allottees
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Joint allotment letter and Flat Buyer's…
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The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Raheja Developers Ltd. ('Corporate Debtor') based on an application filed by Ms. Shilpa Jain and Mr. Akash Jain (allottees) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi, initiated CIRP against the Corporate Debtor via an order dated August 20, 2019. The appellant, a shareholder/promoter, challenged the order, alleging fraudulent and malicious initiation of proceedings with an intent other than resolution of insolvency or liquidation. The appellant also claimed the application was barred by limitation and not maintainable.
Ms. Shilpa Jain and Mr. Akash Jain (allottees) booked an apartment in 'Raheja's Sampada', a residential project by 'Raheja Developers Ltd.' ('Corporate Debtor'). A joint allotment letter and Flat Buyer's Agreement were executed on August 3, 2012. The allottees disbursed Rs. 86,62,691/- to the 'Corporate Debtor' on different dates. As per the agreement, possession was to be provided within 36 months from August 3, 2012, ending on August 3, 2015, but construction was not completed. The 'Corporate Debtor' claimed to have issued a notice of possession on November 15, 2016, and alleged the allottees refused to take possession. The 'Corporate Debtor' also filed a Writ Petition challenging the constitutional validity of certain sections of the I&B Code. The allottees
…Joint allotment letter and Flat Buyer's…
Original deadl…