The case involves a petition filed by Ms. Mamatha, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd., two corporate debtors. Ms. Mamatha invested in a commercial project called 'Skygate' being developed by the corporate debtors as a joint venture. The corporate debtor No.1, AMB Infrabuild Pvt. Ltd., owned the land in Sector 88, Gurgaon, Haryana, and entered into a collaboration agreement with corporate debtor No.2, Earth Galleria Pvt. Ltd., for the project's development. Earth Galleria Pvt. Ltd. invited investments from the public. Ms. Mamatha initially invested Rs. 90 lakhs for a provisional allotment of space in
…Ms. Mamatha, the financial creditor, invested Rs. 90 lakhs initially towards the provisional allotment of 4000 sq. ft. on the 3rd floor of a Cineplex being developed by AMB Infrabuild Pvt. Ltd. (Corporate Debtor No. 1) and Earth Galleria Pvt. Ltd. (Corporate Debtor No. 2) as a joint venture under the name 'Skygate'. The total sale consideration was Rs. 3 crores, and Corporate Debtor No. 2 acknowledged the payment. The consideration included five parking spaces. No agreement for sale was executed. Upon visiting the site, Ms. Mamatha discovered that no construction had commenced. Subsequently, a tripartite Memorandum of Understanding (MOU) was executed, promising a monthly assured return of Rs. 1,76,780. Ms. Mamatha invested an additional Rs. 90 lakhs. Assured returns
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Ms. Mamatha invested Rs. 90 lakhs towards the…
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The case involves a petition filed by Ms. Mamatha, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against AMB Infrabuild Pvt. Ltd. and Earth Galleria Pvt. Ltd., two corporate debtors. Ms. Mamatha invested in a commercial project called 'Skygate' being developed by the corporate debtors as a joint venture. The corporate debtor No.1, AMB Infrabuild Pvt. Ltd., owned the land in Sector 88, Gurgaon, Haryana, and entered into a collaboration agreement with corporate debtor No.2, Earth Galleria Pvt. Ltd., for the project's development. Earth Galleria Pvt. Ltd. invited investments from the public. Ms. Mamatha initially invested Rs. 90 lakhs for a provisional allotment of space in
…Ms. Mamatha, the financial creditor, invested Rs. 90 lakhs initially towards the provisional allotment of 4000 sq. ft. on the 3rd floor of a Cineplex being developed by AMB Infrabuild Pvt. Ltd. (Corporate Debtor No. 1) and Earth Galleria Pvt. Ltd. (Corporate Debtor No. 2) as a joint venture under the name 'Skygate'. The total sale consideration was Rs. 3 crores, and Corporate Debtor No. 2 acknowledged the payment. The consideration included five parking spaces. No agreement for sale was executed. Upon visiting the site, Ms. Mamatha discovered that no construction had commenced. Subsequently, a tripartite Memorandum of Understanding (MOU) was executed, promising a monthly assured return of Rs. 1,76,780. Ms. Mamatha invested an additional Rs. 90 lakhs. Assured returns
…Ms. Mamatha invested Rs. 90 lakhs towards the…
A tripartite MOU was executed between Ms.…
Sign in to view related legal provisions.