The case involves an application filed under Section 60(5) read with Section 65 of the Insolvency & Bankruptcy Code, 2016. Airwil Infra Ltd initiated a Section 7 petition against Ascot Projects Pvt Ltd. Airwil Intellicity Social Welfare Society, representing the majority of unit holders/creditors of Intellicity Business Park Pvt Ltd, sought to intervene in the proceedings. The applicant society also requested the rejection of Airwil's Section 7 petition and the imposition of a penalty on Airwil's directors, alleging a fraudulent attempt to defeat the ongoing CIRP of Intellicity.
Airwil Infra Ltd initiated a Section 7 petition against Ascot Projects Pvt Ltd, the Corporate Debtor. Airwil Intellicity Social Welfare Society, representing the majority of unit holders/creditors of Intellicity Business Park Pvt Ltd, filed an application to intervene in the proceedings. Intellicity Business Park is undergoing a separate CIRP since 27.05.2019. The applicant society alleged that Airwil's Section 7 petition was a fraudulent attempt to defeat the ongoing CIRP of Intellicity. The ex-directors of Intellicity, who are also directors of Airwil, initiated the proceedings against Ascot with malicious intent. Ascot is a 100% owned subsidiary of Intellicity. The Resolution Plan of Intellicity has been approved by the CoC and is pending for approval before the
…Sign in to view the parties.
Company Petition of…
Intellicity is already undergoing separate CIR…
The case involves an application filed under Section 60(5) read with Section 65 of the Insolvency & Bankruptcy Code, 2016. Airwil Infra Ltd initiated a Section 7 petition against Ascot Projects Pvt Ltd. Airwil Intellicity Social Welfare Society, representing the majority of unit holders/creditors of Intellicity Business Park Pvt Ltd, sought to intervene in the proceedings. The applicant society also requested the rejection of Airwil's Section 7 petition and the imposition of a penalty on Airwil's directors, alleging a fraudulent attempt to defeat the ongoing CIRP of Intellicity.
Airwil Infra Ltd initiated a Section 7 petition against Ascot Projects Pvt Ltd, the Corporate Debtor. Airwil Intellicity Social Welfare Society, representing the majority of unit holders/creditors of Intellicity Business Park Pvt Ltd, filed an application to intervene in the proceedings. Intellicity Business Park is undergoing a separate CIRP since 27.05.2019. The applicant society alleged that Airwil's Section 7 petition was a fraudulent attempt to defeat the ongoing CIRP of Intellicity. The ex-directors of Intellicity, who are also directors of Airwil, initiated the proceedings against Ascot with malicious intent. Ascot is a 100% owned subsidiary of Intellicity. The Resolution Plan of Intellicity has been approved by the CoC and is pending for approval before the
…Company Petition of…
Intellicity is already undergoing separate CIR…