Gulshan Sethi, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Alisa Infratech Pvt. Ltd., the corporate debtor, due to the latter's inability to liquidate a financial debt. The operational creditor had booked commercial units in a real estate project developed by the corporate debtor, paying Rs. 1 crore and being allotted five studio apartments. Subsequently, they booked five more units for another Rs. 1 crore. The corporate debtor assured completion within three years with a penalty of Rs. 1000 per day for delays. However, no construction occurred, leading to a criminal complaint. A cheque for Rs. 1 crore issued by the corporate debtor for damages was dishonored.
Gulshan Sethi (Operational Creditor) booked commercial units with Alisa Infratech Pvt. Ltd. (Corporate Debtor), a real estate developer. The Operational Creditor paid Rs. 1 crore and was allotted 5 studio apartments (nos. 901-905) in a project in Sector 129, Noida. They booked 5 more units (nos. 1001-1005) on 2013-12-28 for another Rs. 1 crore. The Corporate Debtor assured completion within 3 years and possession. A default clause stipulated damages of Rs. 1000 per day. No construction occurred, leading to a criminal complaint against the Corporate Debtor's directors. The Corporate Debtor issued a cheque for Rs. 1 crore towards damages, which was dishonored. The Corporate Debtor sought rejection of the insolvency petition, citing suppression of facts because the
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The financial creditors booked 5 more units…
Order delivere…
Gulshan Sethi, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Alisa Infratech Pvt. Ltd., the corporate debtor, due to the latter's inability to liquidate a financial debt. The operational creditor had booked commercial units in a real estate project developed by the corporate debtor, paying Rs. 1 crore and being allotted five studio apartments. Subsequently, they booked five more units for another Rs. 1 crore. The corporate debtor assured completion within three years with a penalty of Rs. 1000 per day for delays. However, no construction occurred, leading to a criminal complaint. A cheque for Rs. 1 crore issued by the corporate debtor for damages was dishonored.
Gulshan Sethi (Operational Creditor) booked commercial units with Alisa Infratech Pvt. Ltd. (Corporate Debtor), a real estate developer. The Operational Creditor paid Rs. 1 crore and was allotted 5 studio apartments (nos. 901-905) in a project in Sector 129, Noida. They booked 5 more units (nos. 1001-1005) on 2013-12-28 for another Rs. 1 crore. The Corporate Debtor assured completion within 3 years and possession. A default clause stipulated damages of Rs. 1000 per day. No construction occurred, leading to a criminal complaint against the Corporate Debtor's directors. The Corporate Debtor issued a cheque for Rs. 1 crore towards damages, which was dishonored. The Corporate Debtor sought rejection of the insolvency petition, citing suppression of facts because the
…The financial creditors booked 5 more units…
Order delivere…