M P Krishnan, representing homebuyers, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Frontier Shelters Private Limited (Corporate Debtor). The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding financial debt of INR 14,85,13,500/- and a default in delivering possession of allotted flats by 23.12.2021. The Corporate Debtor acknowledged the debt and default, consenting to CIRP due to severe financial distress and inability to meet its obligations.
M P Krishnan, representing homebuyers, filed a petition under Section 7 of the IBC, 2016.
The petition was filed against Frontier Shelters Private Limited (Corporate Debtor).
The outstanding debt claimed is INR 14,85,13,500/-.
The date of default is 23.12.2021.
The Applicants (plot owners) originally purchased plots in Sy. Nos. 49/1 and 49/2, Haralur Village, Varthur Hobli, Bengaluru East Taluk, between 1997–1999.
The Corporate Debtor proposed to develop the property into a residential apartment project.
An Agreement of Understanding was executed on 27.03.2015 between the plot owners and the Corporate Debtor.
Under the agreement, the Applicants surrendered their development rights in exchange for residential flats in the proposed project.
…Sign in to view the parties.
An Agreement of Understanding was executed…
The BBMP issued the…
M P Krishnan, representing homebuyers, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Frontier Shelters Private Limited (Corporate Debtor). The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding financial debt of INR 14,85,13,500/- and a default in delivering possession of allotted flats by 23.12.2021. The Corporate Debtor acknowledged the debt and default, consenting to CIRP due to severe financial distress and inability to meet its obligations.
M P Krishnan, representing homebuyers, filed a petition under Section 7 of the IBC, 2016.
The petition was filed against Frontier Shelters Private Limited (Corporate Debtor).
The outstanding debt claimed is INR 14,85,13,500/-.
The date of default is 23.12.2021.
The Applicants (plot owners) originally purchased plots in Sy. Nos. 49/1 and 49/2, Haralur Village, Varthur Hobli, Bengaluru East Taluk, between 1997–1999.
The Corporate Debtor proposed to develop the property into a residential apartment project.
An Agreement of Understanding was executed on 27.03.2015 between the plot owners and the Corporate Debtor.
Under the agreement, the Applicants surrendered their development rights in exchange for residential flats in the proposed project.
…An Agreement of Understanding was executed…
The BBMP issued the…