The appeal was filed against an order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor. The Operational Creditor had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee, which was contemplated to be a security deposit. A cheque was issued by the Operational Creditor, but directions were issued to stop payment. The project did not take off, and an application under Section 9 was filed.
Vibrus Homes Pvt. Ltd. filed an appeal against the order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed by Ashimara Housing Pvt. Ltd. & Anr. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ashimara Housing Pvt. Ltd. & Anr., the Operational Creditor, had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee. The agreement between the parties stipulated that this amount would be retained as a security deposit by the licensor until the end of the license period. The Operational Creditor issued a cheque, but directions were given to stop payment. The project did not take off, leading to the application under Section 9. The appellant contended that the amount was a security deposit
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The Adjudicating Authority passed an order…
The court heard the…
The appeal was filed against an order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor. The Operational Creditor had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee, which was contemplated to be a security deposit. A cheque was issued by the Operational Creditor, but directions were issued to stop payment. The project did not take off, and an application under Section 9 was filed.
Vibrus Homes Pvt. Ltd. filed an appeal against the order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed by Ashimara Housing Pvt. Ltd. & Anr. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ashimara Housing Pvt. Ltd. & Anr., the Operational Creditor, had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee. The agreement between the parties stipulated that this amount would be retained as a security deposit by the licensor until the end of the license period. The Operational Creditor issued a cheque, but directions were given to stop payment. The project did not take off, leading to the application under Section 9. The appellant contended that the amount was a security deposit
…The Adjudicating Authority passed an order…
The court heard the…