Mr. R.V.S Rao and Mrs. Lakshmi Rao, the Petitioners, filed C.P. (IB) No.331/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. B and B Infrastructure Limited, the Respondent/Corporate Debtor. The petitioners claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 8,25,37,700/-, which includes interest of Rs. 12,19,768/-. The petitioners, as financial creditors, had invested to finance the project of the corporate debtor with buyback promises and arrangements. The respondent opposed the petition, contending that it is a solvent company, the petition is not maintainable due to amendments in the IBC, and the petitioners are not financial
…Mr. R.V.S Rao and Mrs. Lakshmi Rao invested in M/s. B and B Infrastructure Limited's project, with buyback promises. B and B Infrastructure Limited was incorporated on 14.07.1987. The petitioners and the respondent entered into three separate buyback agreements, agreements of sale, and construction agreements, all dated 27.06.2015, for three apartments (6-C, 6-D, and 7-C). The petitioners advanced Rs. 4,13,34,068/- to the respondent. The buyback agreements stipulated a 3-year waiting period. After the waiting period, the petitioners offered the apartments for buyback in August 2018. The respondent made a payment of Rs. 3,00,00,000/- on 01.01.2019 and Rs. 1,13,34,068/- on 20.06.2019. The petitioners claimed an outstanding amount of Rs. 8,27,37,700/-, including interest.
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M/s. B and B Infrastruct…
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Mr. R.V.S Rao and Mrs. Lakshmi Rao, the Petitioners, filed C.P. (IB) No.331/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. B and B Infrastructure Limited, the Respondent/Corporate Debtor. The petitioners claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 8,25,37,700/-, which includes interest of Rs. 12,19,768/-. The petitioners, as financial creditors, had invested to finance the project of the corporate debtor with buyback promises and arrangements. The respondent opposed the petition, contending that it is a solvent company, the petition is not maintainable due to amendments in the IBC, and the petitioners are not financial
…Mr. R.V.S Rao and Mrs. Lakshmi Rao invested in M/s. B and B Infrastructure Limited's project, with buyback promises. B and B Infrastructure Limited was incorporated on 14.07.1987. The petitioners and the respondent entered into three separate buyback agreements, agreements of sale, and construction agreements, all dated 27.06.2015, for three apartments (6-C, 6-D, and 7-C). The petitioners advanced Rs. 4,13,34,068/- to the respondent. The buyback agreements stipulated a 3-year waiting period. After the waiting period, the petitioners offered the apartments for buyback in August 2018. The respondent made a payment of Rs. 3,00,00,000/- on 01.01.2019 and Rs. 1,13,34,068/- on 20.06.2019. The petitioners claimed an outstanding amount of Rs. 8,27,37,700/-, including interest.
…M/s. B and B Infrastruct…
The Respondent conferred the development…