This case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amish Jaysukhlal Sanghrajka & Anr. ("the Financial Creditors"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Akshar Shanti Realtors Private Limited ("the Corporate Debtor"). The petitioners, who are flat allottees, claim that the corporate debtor failed to complete construction and register the project 'Wing E' of Imperial Heights under the Real Estate (Regulation and Development) Act, 2016 (RERA), leading to frustration of contract and default in repayment of amounts paid by them.
Mr. Amish Jaysukhlal Sanghrajka and Mrs. Aparna Amish Sanghrajka (Petitioners) booked flats (No. 1601 and 1604) in Wing 'E' of the 'Imperial Heights' project developed by Akshar Shanti Realtors Private Limited (Corporate Debtor). The Petitioners paid Rs. 49,28,000 and Rs. 21,75,000 respectively towards the flats. The Corporate Debtor failed to construct the building 'Wing – E' and register it under the Real Estate (Development & Regulation) Act, 2016. The Petitioners requested the Corporate Debtor to repay the amounts received. The Corporate Debtor made a partial repayment of Rs. 4,75,000 but subsequently refused to repay the remaining amount. The Petitioners issued a demand notice dated 23rd November 2017, which the Corporate Debtor failed to comply with. The
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Petitioners were allotted Flat Nos. 1601 and…
Demand notice was…
This case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amish Jaysukhlal Sanghrajka & Anr. ("the Financial Creditors"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Akshar Shanti Realtors Private Limited ("the Corporate Debtor"). The petitioners, who are flat allottees, claim that the corporate debtor failed to complete construction and register the project 'Wing E' of Imperial Heights under the Real Estate (Regulation and Development) Act, 2016 (RERA), leading to frustration of contract and default in repayment of amounts paid by them.
Mr. Amish Jaysukhlal Sanghrajka and Mrs. Aparna Amish Sanghrajka (Petitioners) booked flats (No. 1601 and 1604) in Wing 'E' of the 'Imperial Heights' project developed by Akshar Shanti Realtors Private Limited (Corporate Debtor). The Petitioners paid Rs. 49,28,000 and Rs. 21,75,000 respectively towards the flats. The Corporate Debtor failed to construct the building 'Wing – E' and register it under the Real Estate (Development & Regulation) Act, 2016. The Petitioners requested the Corporate Debtor to repay the amounts received. The Corporate Debtor made a partial repayment of Rs. 4,75,000 but subsequently refused to repay the remaining amount. The Petitioners issued a demand notice dated 23rd November 2017, which the Corporate Debtor failed to comply with. The
…Petitioners were allotted Flat Nos. 1601 and…
Demand notice was…