The Applicants, flat purchasers in the 'Neesa Sarene Valley' project, filed an interlocutory application (IA/995(AHM)2025 in IA/24(AHM)2024) under Section 60(5) of the IBC, 2016, seeking directions regarding the distribution of Rs. 6.08 crore, which was earmarked for them by a DRT order before the Corporate Debtor's insolvency.
Applicants are flat purchasers in the project 'Neesa Sarene Valley' of M/s. Neesa Infrastructure Ltd.
Applicants booked flats under the project and made payments, expecting possession by 31.12.2014.
Construction pace was slow, and the project faced financial difficulties.
Applicants were unaware of the mortgage of the Subject Property with the Bank.
Applicants filed S.A. 062 of 2016 before the Hon'ble DRT at Jaipur to restrain Respondent No. 2 from taking coercive steps.
DRT, Jaipur, vide order dated 10.08.2017, directed the Bank to appropriate Rs. 7.50 crores and keep the remaining amount of Rs. 6.08 crore in 'No Lien Interest Bearing Account' for the Applicants' benefit.
NCLT at Ahmedabad admitted M/s. Neesa Infrastructure Ltd. into insolvency on 19.06.2023.
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The Applicants, flat purchasers in the 'Neesa Sarene Valley' project, filed an interlocutory application (IA/995(AHM)2025 in IA/24(AHM)2024) under Section 60(5) of the IBC, 2016, seeking directions regarding the distribution of Rs. 6.08 crore, which was earmarked for them by a DRT order before the Corporate Debtor's insolvency.
Applicants are flat purchasers in the project 'Neesa Sarene Valley' of M/s. Neesa Infrastructure Ltd.
Applicants booked flats under the project and made payments, expecting possession by 31.12.2014.
Construction pace was slow, and the project faced financial difficulties.
Applicants were unaware of the mortgage of the Subject Property with the Bank.
Applicants filed S.A. 062 of 2016 before the Hon'ble DRT at Jaipur to restrain Respondent No. 2 from taking coercive steps.
DRT, Jaipur, vide order dated 10.08.2017, directed the Bank to appropriate Rs. 7.50 crores and keep the remaining amount of Rs. 6.08 crore in 'No Lien Interest Bearing Account' for the Applicants' benefit.
NCLT at Ahmedabad admitted M/s. Neesa Infrastructure Ltd. into insolvency on 19.06.2023.
…M/s. Neesa Infrastructur…
Applicants were assured…