The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Ashok Tripathi and Mr. Saurabh Tripathi (Financial Creditors) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited (Corporate Debtor). The Financial Creditors sought to recover dues related to booked units in the Corporate Debtor's project, for which they had obtained a Recovery Certificate from the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) due to non-payment of principal amount and penalty.
Mr. Ashok Tripathi and Mr. Saurabh Tripathi, the Financial Creditors, jointly booked a unit in the 'Sushant Golf City' project developed by M/s. Ansal Properties and Infrastructure Ltd., the Corporate Debtor. They paid a booking advance and entered into a Built-Up Agreement/Builder Buyer Agreement. The Corporate Debtor failed to complete construction and give possession of the unit within the stipulated time. The Financial Creditors obtained orders from UP RERA for non-payment of the principal amount and penalty, and a Recovery Certificate for Rs. 73,35,686.43. The Corporate Debtor made partial payments in compliance with the RERA order. The Corporate Debtor claimed delays were due to unforeseen market conditions and force majeure events, citing Clause 23 of the
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M/s Ansal Properties…
Financial Creditor No.…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Ashok Tripathi and Mr. Saurabh Tripathi (Financial Creditors) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited (Corporate Debtor). The Financial Creditors sought to recover dues related to booked units in the Corporate Debtor's project, for which they had obtained a Recovery Certificate from the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) due to non-payment of principal amount and penalty.
Mr. Ashok Tripathi and Mr. Saurabh Tripathi, the Financial Creditors, jointly booked a unit in the 'Sushant Golf City' project developed by M/s. Ansal Properties and Infrastructure Ltd., the Corporate Debtor. They paid a booking advance and entered into a Built-Up Agreement/Builder Buyer Agreement. The Corporate Debtor failed to complete construction and give possession of the unit within the stipulated time. The Financial Creditors obtained orders from UP RERA for non-payment of the principal amount and penalty, and a Recovery Certificate for Rs. 73,35,686.43. The Corporate Debtor made partial payments in compliance with the RERA order. The Corporate Debtor claimed delays were due to unforeseen market conditions and force majeure events, citing Clause 23 of the
…M/s Ansal Properties…
Financial Creditor No.…