The case originates from a petition transferred from the Hon'ble High Court at Bombay Judicature, initially filed as Company Petition (L) No.880 of 2016. The petition was filed under Ordinary Original Civil Jurisdiction on April 30, 2015, seeking winding up of A & A Shelters Pvt. Ltd. under sections 433(e) and 434 of the Companies Act, 1956, due to a debt of ₹1,03,42,500. The debt arose from a Memorandum of Understanding (MoU) where A & A Shelters Pvt. Ltd. (Corporate Debtor) was to sell a flat to Punit Pawankumar Agarwal (Operational Creditor).
Punit Pawankumar Agarwal (Operational Creditor) filed a petition against A & A Shelters Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP due to a debt of ₹1,03,42,500. The debt originated from an MoU dated December 21, 2012, where the Corporate Debtor agreed to sell a flat to the Petitioner for ₹1,13,95,000. The Petitioner also agreed to purchase a covered parking space for ₹7,00,000. The Petitioner claimed to have paid the entire consideration amount of ₹1,03,42,500. However, the Corporate Debtor failed to commence construction and provide possession of the flat. The Corporate Debtor allegedly refunded ₹60,47,500 via a cheque dated November 18, 2014, which was dishonored on February 25, 2015, due to insufficient funds. The Petitioner issued a demand notice
…Sign in to view the parties.
Memorandum of Understanding (MoU) signed…
A & A Shelters Pvt. Ltd. issued cheque…
The case originates from a petition transferred from the Hon'ble High Court at Bombay Judicature, initially filed as Company Petition (L) No.880 of 2016. The petition was filed under Ordinary Original Civil Jurisdiction on April 30, 2015, seeking winding up of A & A Shelters Pvt. Ltd. under sections 433(e) and 434 of the Companies Act, 1956, due to a debt of ₹1,03,42,500. The debt arose from a Memorandum of Understanding (MoU) where A & A Shelters Pvt. Ltd. (Corporate Debtor) was to sell a flat to Punit Pawankumar Agarwal (Operational Creditor).
Punit Pawankumar Agarwal (Operational Creditor) filed a petition against A & A Shelters Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP due to a debt of ₹1,03,42,500. The debt originated from an MoU dated December 21, 2012, where the Corporate Debtor agreed to sell a flat to the Petitioner for ₹1,13,95,000. The Petitioner also agreed to purchase a covered parking space for ₹7,00,000. The Petitioner claimed to have paid the entire consideration amount of ₹1,03,42,500. However, the Corporate Debtor failed to commence construction and provide possession of the flat. The Corporate Debtor allegedly refunded ₹60,47,500 via a cheque dated November 18, 2014, which was dishonored on February 25, 2015, due to insufficient funds. The Petitioner issued a demand notice
…Memorandum of Understanding (MoU) signed…
A & A Shelters Pvt. Ltd. issued cheque…