The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sana Realtors Pvt. Ltd. based on an application filed by Urvashi Nangia, an allottee and financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority (National Company Law Tribunal) admitted the application on September 17, 2019. However, the Interim Resolution Professional (IRP) initially appointed withdrew their name. The order was reiterated on September 20, 2019, with another IRP. The appellant argued that the allottee cannot trigger CIRP if they are not genuinely interested in purchasing the flats and are seeking a refund based on a buy-back agreement.
Ms. Urvashi Nangia, an allottee and financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sana Realtors Pvt. Ltd. The Adjudicating Authority admitted the application on September 17, 2019. The Interim Resolution Professional (IRP) initially appointed withdrew their name, and another IRP was appointed. The appellant, Neeraj Gambhir, argued that the allottee could not trigger CIRP if not genuinely interested in purchasing the flats and seeking a refund. The appellant also raised the issue of the application being time-barred. Subsequently, the appellant agreed to settle the matter with the respondent and paid Rupees one crore fifty lakhs to Urvashi
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The Adjudicating Authority admitted the…
The order admitting the application was…
The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sana Realtors Pvt. Ltd. based on an application filed by Urvashi Nangia, an allottee and financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority (National Company Law Tribunal) admitted the application on September 17, 2019. However, the Interim Resolution Professional (IRP) initially appointed withdrew their name. The order was reiterated on September 20, 2019, with another IRP. The appellant argued that the allottee cannot trigger CIRP if they are not genuinely interested in purchasing the flats and are seeking a refund based on a buy-back agreement.
Ms. Urvashi Nangia, an allottee and financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sana Realtors Pvt. Ltd. The Adjudicating Authority admitted the application on September 17, 2019. The Interim Resolution Professional (IRP) initially appointed withdrew their name, and another IRP was appointed. The appellant, Neeraj Gambhir, argued that the allottee could not trigger CIRP if not genuinely interested in purchasing the flats and seeking a refund. The appellant also raised the issue of the application being time-barred. Subsequently, the appellant agreed to settle the matter with the respondent and paid Rupees one crore fifty lakhs to Urvashi
…The Adjudicating Authority admitted the…
The order admitting the application was…