SGN Universal Construction Company Private Limited filed an appeal against the order dated 19.11.2024 passed by the National Company Law Tribunal, New Delhi, Court - IV in CP No. (IB) – 62(ND) / 2024, initiating CIRP against M/s Morpheus Prodevelopers Pvt Ltd. The appeal concerns the inclusion of Tower 5 as part of the Corporate Debtor's assets and adverse observations regarding the Development Rights Agreement.
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor is M/s Morpheus Prodevelopers Pvt Ltd.
The Appellant claimed exclusive rights over Tower 5 based on a Development Rights Agreement dated 22.02.2017 and subsequent transactions.
The Respondents are Shailendra Kumar Singh and others, who are homebuyers.
The Adjudicating Authority admitted the Corporate Debtor into insolvency on 19.11.2024.
The Appellant filed I.A. No. 2197(ND)/2024 to place certain interim arbitration orders of the Delhi High Court on record.
The Respondents contended that the Development Rights Agreement was terminated on 20.06.2022.
The Respondents initiated CIRP under Section 7 for the project which comprised Towers 3, 4, and 5.
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Contractual arrangements commencing around…
By February 2017, a sum of Rs. 6.92 crores were…
SGN Universal Construction Company Private Limited filed an appeal against the order dated 19.11.2024 passed by the National Company Law Tribunal, New Delhi, Court - IV in CP No. (IB) – 62(ND) / 2024, initiating CIRP against M/s Morpheus Prodevelopers Pvt Ltd. The appeal concerns the inclusion of Tower 5 as part of the Corporate Debtor's assets and adverse observations regarding the Development Rights Agreement.
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor is M/s Morpheus Prodevelopers Pvt Ltd.
The Appellant claimed exclusive rights over Tower 5 based on a Development Rights Agreement dated 22.02.2017 and subsequent transactions.
The Respondents are Shailendra Kumar Singh and others, who are homebuyers.
The Adjudicating Authority admitted the Corporate Debtor into insolvency on 19.11.2024.
The Appellant filed I.A. No. 2197(ND)/2024 to place certain interim arbitration orders of the Delhi High Court on record.
The Respondents contended that the Development Rights Agreement was terminated on 20.06.2022.
The Respondents initiated CIRP under Section 7 for the project which comprised Towers 3, 4, and 5.
…Contractual arrangements commencing around…
By February 2017, a sum of Rs. 6.92 crores were…