The appeal was filed by Suresh Eknath Kolhakar against an order dated 29.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai) in CP (IB) No. 4149/NB/C-II/2018, which initiated Corporate Insolvency Resolution Process (CIRP) against Respondent No. 2, Shreepati Build Infra Investment Ltd., on an application filed by Respondent No. 1, Abhiyan Developers Private Limited. The appellant, a flat purchaser, challenged the maintainability of the Section 7 application filed by Respondent No. 1, arguing that it should have been filed jointly with other allottees as per the amended provisions of the Insolvency and Bankruptcy Code (IBC).
Suresh Eknath Kolhakar, the appellant, filed an appeal against the initiation of CIRP against Shreepati Build Infra Investment Ltd. (Respondent No. 2) based on an application by Abhiyan Developers Private Limited (Respondent No. 1). Respondent No. 1 had booked two flats in a project by Shreepati Build Infra Investment Limited, paying Rs. 3.50 crores between 2009 and 2010. An agreement was executed on 15.3.2011 for the purchase of flats. Due to delays in approvals, the project did not progress, and the deposited amount was converted into a loan. Respondent No. 2 issued letters confirming the receipt of Rs. 3.50 crores and promising repayment with interest. When the amount was not repaid, Respondent No. 1 filed a Section 7 application under the IBC, which was admitted by
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The appeal was filed by Suresh Eknath Kolhakar against an order dated 29.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai) in CP (IB) No. 4149/NB/C-II/2018, which initiated Corporate Insolvency Resolution Process (CIRP) against Respondent No. 2, Shreepati Build Infra Investment Ltd., on an application filed by Respondent No. 1, Abhiyan Developers Private Limited. The appellant, a flat purchaser, challenged the maintainability of the Section 7 application filed by Respondent No. 1, arguing that it should have been filed jointly with other allottees as per the amended provisions of the Insolvency and Bankruptcy Code (IBC).
Suresh Eknath Kolhakar, the appellant, filed an appeal against the initiation of CIRP against Shreepati Build Infra Investment Ltd. (Respondent No. 2) based on an application by Abhiyan Developers Private Limited (Respondent No. 1). Respondent No. 1 had booked two flats in a project by Shreepati Build Infra Investment Limited, paying Rs. 3.50 crores between 2009 and 2010. An agreement was executed on 15.3.2011 for the purchase of flats. Due to delays in approvals, the project did not progress, and the deposited amount was converted into a loan. Respondent No. 2 issued letters confirming the receipt of Rs. 3.50 crores and promising repayment with interest. When the amount was not repaid, Respondent No. 1 filed a Section 7 application under the IBC, which was admitted by
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