The case involves an operational creditor, Mrs. Kabita Barik, Mr. Jogendra Nmath Barik, and Mr. Amit Barik, filing a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Atul Vatika Developers Pvt Ltd, the corporate debtor. The operational creditors and the corporate debtor had entered into an agreement to sell a property. The corporate debtor failed to hand over the property, leading to the cancellation of the agreement. The corporate debtor agreed to refund the amount paid in advance but failed to do so.
Mrs. Kabita Barik, Mr. Jogendra Nmath Barik, and Mr. Amit Barik (operational creditors) entered into an agreement with Atul Vatika Developers Pvt Ltd (corporate debtor) for the sale of a property. The operational creditors paid Rs. 48,51,000/- to the corporate debtor. The corporate debtor failed to hand over the property, leading to the cancellation of the agreement on 2018-12-01. The corporate debtor agreed to refund the amount but failed to do so. The operational creditors served a demand notice on 2019-03-20 under Section 8 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor issued 7 post-dated cheques, which were dishonored due to 'Account Blocked' and 'Insufficient Funds'. The operational creditors filed a petition under Section 9 of the IBC in
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The agreement to sell between the operational…
The operational creditors served a demand…
The case involves an operational creditor, Mrs. Kabita Barik, Mr. Jogendra Nmath Barik, and Mr. Amit Barik, filing a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Atul Vatika Developers Pvt Ltd, the corporate debtor. The operational creditors and the corporate debtor had entered into an agreement to sell a property. The corporate debtor failed to hand over the property, leading to the cancellation of the agreement. The corporate debtor agreed to refund the amount paid in advance but failed to do so.
Mrs. Kabita Barik, Mr. Jogendra Nmath Barik, and Mr. Amit Barik (operational creditors) entered into an agreement with Atul Vatika Developers Pvt Ltd (corporate debtor) for the sale of a property. The operational creditors paid Rs. 48,51,000/- to the corporate debtor. The corporate debtor failed to hand over the property, leading to the cancellation of the agreement on 2018-12-01. The corporate debtor agreed to refund the amount but failed to do so. The operational creditors served a demand notice on 2019-03-20 under Section 8 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor issued 7 post-dated cheques, which were dishonored due to 'Account Blocked' and 'Insufficient Funds'. The operational creditors filed a petition under Section 9 of the IBC in
…The agreement to sell between the operational…
The operational creditors served a demand…