Mr. R.V.S Rao and Mrs. Lakshmi Rao, the Petitioners, filed C.P. (IB) No.331/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. B and B Infrastructure Limited, the Corporate Debtor, on the grounds of default on a total outstanding amount of Rs. 8,25,37,700/-, which includes interest. The Petitioners, as Financial Creditors, had invested to finance the Corporate Debtor's project with buyback promises and arrangements. The Corporate Debtor 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, concerning three apartments. The Petitioners advanced Rs. 4,13,34,068/- towards
…Mr. R.V.S Rao and Mrs. Lakshmi Rao (Petitioners) invested in M/s. B and B Infrastructure Limited (Corporate Debtor) to finance a project with buyback promises. Three agreements were signed on 2015-06-27: buyback, sale, and construction agreements for three apartments (6-C, 6-D, 7-C). Petitioners advanced Rs. 4,13,34,068/-. After a 3-year waiting period, Petitioners exercised the buyback option in August 2018. The Corporate Debtor made partial payments: Rs. 3,00,00,000/- on 2019-01-01 and Rs. 1,13,34,068/- on 2019-06-20, leaving a balance. Petitioners sent a legal notice demanding the remaining amount with 18% interest. The Corporate Debtor is solvent with assets over Rs. 300 crores. The Petitioners added interest unilaterally, despite no mention of it in the
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M/s. B and B Infrastruct…
Three agreements were signed: buyback, sale,…
Mr. R.V.S Rao and Mrs. Lakshmi Rao, the Petitioners, filed C.P. (IB) No.331/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. B and B Infrastructure Limited, the Corporate Debtor, on the grounds of default on a total outstanding amount of Rs. 8,25,37,700/-, which includes interest. The Petitioners, as Financial Creditors, had invested to finance the Corporate Debtor's project with buyback promises and arrangements. The Corporate Debtor 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, concerning three apartments. The Petitioners advanced Rs. 4,13,34,068/- towards
…Mr. R.V.S Rao and Mrs. Lakshmi Rao (Petitioners) invested in M/s. B and B Infrastructure Limited (Corporate Debtor) to finance a project with buyback promises. Three agreements were signed on 2015-06-27: buyback, sale, and construction agreements for three apartments (6-C, 6-D, 7-C). Petitioners advanced Rs. 4,13,34,068/-. After a 3-year waiting period, Petitioners exercised the buyback option in August 2018. The Corporate Debtor made partial payments: Rs. 3,00,00,000/- on 2019-01-01 and Rs. 1,13,34,068/- on 2019-06-20, leaving a balance. Petitioners sent a legal notice demanding the remaining amount with 18% interest. The Corporate Debtor is solvent with assets over Rs. 300 crores. The Petitioners added interest unilaterally, despite no mention of it in the
…M/s. B and B Infrastruct…
Three agreements were signed: buyback, sale,…