This case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Aamir Jamal, a financial creditor (allottee), against Futec Shelters Private Limited, the corporate debtor. The Adjudicating Authority (National Company Law Tribunal) admitted the application, leading to the appeal. The corporate debtor argued delays in construction were due to force majeure events, including restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The appellant contended that the allottee defaulted on payments and the project faced roadblocks due to external factors. During the appeal, the parties reached a settlement.
Mr. Aamir Jamal, an allottee, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futec Shelters Private Limited, the corporate debtor, due to non-delivery of possession of a flat. The corporate debtor was incorporated on 04.07.2006. The allottee had entered into a Flat Buyer Agreement with the corporate debtor on 3.8.2012 for a flat in a project named Gardenia Gateway. The agreed price was Rs. 54,16,250, and the allottee paid Rs. 44,10,784. The corporate debtor was to deliver possession by December 2014. The corporate debtor cited delays due to restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The allottee filed a complaint with RERA, which directed the corporate debtor to provide
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Futec Shelters…
Aamir Jamal entered…
This case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Aamir Jamal, a financial creditor (allottee), against Futec Shelters Private Limited, the corporate debtor. The Adjudicating Authority (National Company Law Tribunal) admitted the application, leading to the appeal. The corporate debtor argued delays in construction were due to force majeure events, including restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The appellant contended that the allottee defaulted on payments and the project faced roadblocks due to external factors. During the appeal, the parties reached a settlement.
Mr. Aamir Jamal, an allottee, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futec Shelters Private Limited, the corporate debtor, due to non-delivery of possession of a flat. The corporate debtor was incorporated on 04.07.2006. The allottee had entered into a Flat Buyer Agreement with the corporate debtor on 3.8.2012 for a flat in a project named Gardenia Gateway. The agreed price was Rs. 54,16,250, and the allottee paid Rs. 44,10,784. The corporate debtor was to deliver possession by December 2014. The corporate debtor cited delays due to restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The allottee filed a complaint with RERA, which directed the corporate debtor to provide
…Futec Shelters…
Aamir Jamal entered…