The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent Company, AMR Infrastructures Ltd. The petitioner, Col. Vinod Awasthy, booked a flat in the respondent's project, i-Homes, for a total consideration of Rs. 19,80,000 and paid an advance of Rs. 9,87,284. A Memorandum of Understanding (MOU) was executed between the parties on 18.10.2011. The company undertook to pay a sum of Rs. 9,050 every month w.e.f. 15.11.2011 to the petitioner as 'assured return' till the date of possession. An allotment agreement was signed on 28.3.2014
…Col. Vinod Awasthy (the Petitioner) booked a flat in the project 'i-Homes' of AMR Infrastructures Ltd. (the Respondent Company) for a total consideration of Rs. 19,80,000. The Petitioner paid an advance amount of Rs. 9,87,284. An MOU was executed on 18.10.2011, and the Respondent Company agreed to pay Rs. 9,050 per month as 'assured return' from 15.11.2011 until possession. The Respondent paid the assured return until December 2013 but failed to continue payments despite repeated requests. An allotment agreement was signed on 28.3.2014, stipulating possession by December 2014, but possession was not given. On 26.9.2016, a notice under section 433 of the Companies Act, 1956, was served, demanding Rs. 12,76,884 plus interest. A statutory notice under the IBC was issued
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The respondent company, AMR Infrastructures…
A Memorandum of Understanding (MOU) was…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent Company, AMR Infrastructures Ltd. The petitioner, Col. Vinod Awasthy, booked a flat in the respondent's project, i-Homes, for a total consideration of Rs. 19,80,000 and paid an advance of Rs. 9,87,284. A Memorandum of Understanding (MOU) was executed between the parties on 18.10.2011. The company undertook to pay a sum of Rs. 9,050 every month w.e.f. 15.11.2011 to the petitioner as 'assured return' till the date of possession. An allotment agreement was signed on 28.3.2014
…Col. Vinod Awasthy (the Petitioner) booked a flat in the project 'i-Homes' of AMR Infrastructures Ltd. (the Respondent Company) for a total consideration of Rs. 19,80,000. The Petitioner paid an advance amount of Rs. 9,87,284. An MOU was executed on 18.10.2011, and the Respondent Company agreed to pay Rs. 9,050 per month as 'assured return' from 15.11.2011 until possession. The Respondent paid the assured return until December 2013 but failed to continue payments despite repeated requests. An allotment agreement was signed on 28.3.2014, stipulating possession by December 2014, but possession was not given. On 26.9.2016, a notice under section 433 of the Companies Act, 1956, was served, demanding Rs. 12,76,884 plus interest. A statutory notice under the IBC was issued
…The respondent company, AMR Infrastructures…
A Memorandum of Understanding (MOU) was…