Uttar Pradesh Housing and Development Board (UPAVP) allotted a commercial plot to Ramesh Kumar Prasad, later joined by K.S.N. Buildwell Pvt. Ltd. (Corporate Debtor) under a hire purchase agreement. Due to payment defaults and unauthorized construction, UPAVP sealed and confiscated the property prior to the initiation of Corporate Insolvency Resolution Process (CIRP) against K.S.N. Buildwell Pvt. Ltd. Omkara Assets Reconstruction Company Ltd. initiated CIRP. A resolution plan was submitted by Bhati Associates and approved by the Committee of Creditors (CoC), but UPAVP objected to its inclusion of third-party property (the land). The Adjudicating Authority remanded the resolution plan back to the CoC for reconsideration and also ordered the de-sealing of the property.
…Uttar Pradesh Housing and Development Board (UPAVP) allotted commercial plot No. 16/Com-1 (6860.959 sq. m) in Vasundhara Ghaziabad to Mr. Ramesh Kumar Prasad on 23.12.2006.
An allotment letter was issued on 11.04.2008 for Rs. 256,267,693/-, with 50% payable by 30.03.2009 and the remaining 50% in 72 monthly installments with 18% p.a. interest.
On 24.03.2010, K.S.N. Buildwell Pvt. Ltd. (Corporate Debtor) was added as a joint allottee upon request, with the original allottee's ownership remaining intact.
UPAVP, Ramesh Kumar Prasad, and the Corporate Debtor entered into a hire purchase agreement on 30.03.2010, requiring quarterly installments of Rs. 17,077,230/- from 01.01.2010, with 24% p.a. interest on default.
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Uttar Pradesh Housing and Development Board…
Allotment letter issued…
Uttar Pradesh Housing and Development Board (UPAVP) allotted a commercial plot to Ramesh Kumar Prasad, later joined by K.S.N. Buildwell Pvt. Ltd. (Corporate Debtor) under a hire purchase agreement. Due to payment defaults and unauthorized construction, UPAVP sealed and confiscated the property prior to the initiation of Corporate Insolvency Resolution Process (CIRP) against K.S.N. Buildwell Pvt. Ltd. Omkara Assets Reconstruction Company Ltd. initiated CIRP. A resolution plan was submitted by Bhati Associates and approved by the Committee of Creditors (CoC), but UPAVP objected to its inclusion of third-party property (the land). The Adjudicating Authority remanded the resolution plan back to the CoC for reconsideration and also ordered the de-sealing of the property.
…Uttar Pradesh Housing and Development Board (UPAVP) allotted commercial plot No. 16/Com-1 (6860.959 sq. m) in Vasundhara Ghaziabad to Mr. Ramesh Kumar Prasad on 23.12.2006.
An allotment letter was issued on 11.04.2008 for Rs. 256,267,693/-, with 50% payable by 30.03.2009 and the remaining 50% in 72 monthly installments with 18% p.a. interest.
On 24.03.2010, K.S.N. Buildwell Pvt. Ltd. (Corporate Debtor) was added as a joint allottee upon request, with the original allottee's ownership remaining intact.
UPAVP, Ramesh Kumar Prasad, and the Corporate Debtor entered into a hire purchase agreement on 30.03.2010, requiring quarterly installments of Rs. 17,077,230/- from 01.01.2010, with 24% p.a. interest on default.
…Uttar Pradesh Housing and Development Board…
Allotment letter issued…