The case involves an application filed by four applicants seeking to initiate the insolvency process against M/s AMR Infrastructures Ltd. The applicants claim to be financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), based on agreements for assured returns on investments in commercial and residential properties. The applicants allege default in payment of these assured returns and non-delivery of possession of the properties. The respondent, AMR Infrastructure, is a registered company engaged in the real estate business.
Four applicants filed an application to trigger the insolvency process against M/s AMR Infrastructures Ltd. Applicant No.1 is a HUF with Shri Nikhil Mehta as its Karta. Applicant No.2 is the wife of Shri Nikhil Mehta, who is also Applicant No.3. Applicant No.4 is Mrs. Praveen Mehta, mother of Applicant No.3. The application was filed through Power of Attorney holder Shri Suresh Mehta. The applicants claimed to be 'Financial Creditors' based on agreements for 'assured returns' on investments in properties. Applicants No.3 and 4 booked office spaces in the 'Kessel-I – Valley' project and executed a Memorandum of Understanding (MOU) dated 12.07.2007. Later, they substituted their booking in the 'I-Mall' project, executing a fresh MOU dated 17.10.2012 for unit No.E-06. The
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Applicants No.3 and 4 executed a Memorandum of…
Applicants No.3 and 4…
The case involves an application filed by four applicants seeking to initiate the insolvency process against M/s AMR Infrastructures Ltd. The applicants claim to be financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), based on agreements for assured returns on investments in commercial and residential properties. The applicants allege default in payment of these assured returns and non-delivery of possession of the properties. The respondent, AMR Infrastructure, is a registered company engaged in the real estate business.
Four applicants filed an application to trigger the insolvency process against M/s AMR Infrastructures Ltd. Applicant No.1 is a HUF with Shri Nikhil Mehta as its Karta. Applicant No.2 is the wife of Shri Nikhil Mehta, who is also Applicant No.3. Applicant No.4 is Mrs. Praveen Mehta, mother of Applicant No.3. The application was filed through Power of Attorney holder Shri Suresh Mehta. The applicants claimed to be 'Financial Creditors' based on agreements for 'assured returns' on investments in properties. Applicants No.3 and 4 booked office spaces in the 'Kessel-I – Valley' project and executed a Memorandum of Understanding (MOU) dated 12.07.2007. Later, they substituted their booking in the 'I-Mall' project, executing a fresh MOU dated 17.10.2012 for unit No.E-06. The
…Applicants No.3 and 4 executed a Memorandum of…
Applicants No.3 and 4…