This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for initiating a corporate insolvency resolution process against Rajesh Projects (India) Private Limited (Corporate Debtor). The application was filed by Ms. Babita Gupta, Mr. Manoj Kumar Gupta, and Ms. Sweta Gupta (Allottees - Financial Creditors). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, admitted the application via an order dated 19th September 2019. The appellant, Mr. Rajesh Goyal (Promoter), argued that the respondents (allottees) were themselves defaulters and that there was no 'default' by the 'Corporate Debtor' in terms of the agreement, rendering the application premature.
…Ms. Babita Gupta, Mr. Manoj Kumar Gupta, and Ms. Sweta Gupta (Allottees - Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Rajesh Projects (India) Private Limited (Corporate Debtor), an infrastructure company. The Adjudicating Authority (National Company Law Tribunal) admitted the application on 19th September 2019. Mr. Rajesh Goyal (Promoter) appealed, arguing that the allottees were defaulters and that the corporate debtor had not defaulted. The appellant claimed that the project was nearing completion, with 75% of construction finished, including 1,920 flats in 9 towers. The corporate debtor had sold/booked around 1,650 units and received approximately
…Sign in to view the parties.
The Adjudicating Authority (National Company…
Ms. Babita Gupta, Mr. Manoj Kumar Gupta and…
This case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for initiating a corporate insolvency resolution process against Rajesh Projects (India) Private Limited (Corporate Debtor). The application was filed by Ms. Babita Gupta, Mr. Manoj Kumar Gupta, and Ms. Sweta Gupta (Allottees - Financial Creditors). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, admitted the application via an order dated 19th September 2019. The appellant, Mr. Rajesh Goyal (Promoter), argued that the respondents (allottees) were themselves defaulters and that there was no 'default' by the 'Corporate Debtor' in terms of the agreement, rendering the application premature.
…Ms. Babita Gupta, Mr. Manoj Kumar Gupta, and Ms. Sweta Gupta (Allottees - Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Rajesh Projects (India) Private Limited (Corporate Debtor), an infrastructure company. The Adjudicating Authority (National Company Law Tribunal) admitted the application on 19th September 2019. Mr. Rajesh Goyal (Promoter) appealed, arguing that the allottees were defaulters and that the corporate debtor had not defaulted. The appellant claimed that the project was nearing completion, with 75% of construction finished, including 1,920 flats in 9 towers. The corporate debtor had sold/booked around 1,650 units and received approximately
…The Adjudicating Authority (National Company…
Ms. Babita Gupta, Mr. Manoj Kumar Gupta and…