M/s Alfa Propbuild Pvt. Ltd., the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Proto Developers and Technologies Ltd., the Corporate Debtor/Respondent. The application pertains to a financial debt arising from a real estate project named 'Sanskriti Apartment' where the Corporate Debtor failed to deliver possession of the units/flats purchased by the Financial Creditor.
M/s Alfa Propbuild Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Proto Developers and Technologies Ltd.
The application was filed on 07.08.2024.
The Financial Creditor claimed a total financial debt of Rs. 1,77,96,540.00 with an interest rate of 24% annually, amounting to Rs. 19,15,82,654 till 11.04.2011.
The date of default was specified as 24.04.2013.
The Corporate Debtor was responsible for developing a residential housing project named 'Sanskriti Apartment' in Ghaziabad, U.P.
The Financial Creditor contends that they were misled by false advertisements and agreements, reserved and acquired units/flats in the 'Sanskriti Apartments' project.
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M/s Alfa Propbuild Pvt. Ltd. filed an…
Hearing on 05.8.2025, Ld. Counsel…
M/s Alfa Propbuild Pvt. Ltd., the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Proto Developers and Technologies Ltd., the Corporate Debtor/Respondent. The application pertains to a financial debt arising from a real estate project named 'Sanskriti Apartment' where the Corporate Debtor failed to deliver possession of the units/flats purchased by the Financial Creditor.
M/s Alfa Propbuild Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Proto Developers and Technologies Ltd.
The application was filed on 07.08.2024.
The Financial Creditor claimed a total financial debt of Rs. 1,77,96,540.00 with an interest rate of 24% annually, amounting to Rs. 19,15,82,654 till 11.04.2011.
The date of default was specified as 24.04.2013.
The Corporate Debtor was responsible for developing a residential housing project named 'Sanskriti Apartment' in Ghaziabad, U.P.
The Financial Creditor contends that they were misled by false advertisements and agreements, reserved and acquired units/flats in the 'Sanskriti Apartments' project.
…M/s Alfa Propbuild Pvt. Ltd. filed an…
Hearing on 05.8.2025, Ld. Counsel…