The case involves a petition filed by three financial creditors under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Celestial Estate Pvt. Ltd. The creditors had booked studio apartments/commercial space in a project called "Earth Iconic" developed by the corporate debtor in Sector 71, Gurugram, Haryana. The license for the project was sanctioned in 2011, and construction began in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. However, the license to develop the project was revoked on 2017-01-04, due to the standstill of the project's construction.
Sanjay Malik and others, acting as financial creditors, filed a petition against Celestial Estate Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The financial creditors had booked studio apartments/commercial space in the corporate debtor's project, "Earth Iconic," located in Sector 71, Gurugram, Haryana. The Town and Country Planning Department, Government of Haryana, sanctioned the license to develop the project in 2011, and construction commenced in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. Petitioners 1 & 2 made a total down payment of Rs. 6,46,84,349/- in 2016 toward 13 Studio Apartments, the Financial Creditor No. 3 booked an office space and was allotted unit
…Sign in to view the parties.
License to develop the "Earth Iconic" project…
Construction of the…
The case involves a petition filed by three financial creditors under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Celestial Estate Pvt. Ltd. The creditors had booked studio apartments/commercial space in a project called "Earth Iconic" developed by the corporate debtor in Sector 71, Gurugram, Haryana. The license for the project was sanctioned in 2011, and construction began in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. However, the license to develop the project was revoked on 2017-01-04, due to the standstill of the project's construction.
Sanjay Malik and others, acting as financial creditors, filed a petition against Celestial Estate Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The financial creditors had booked studio apartments/commercial space in the corporate debtor's project, "Earth Iconic," located in Sector 71, Gurugram, Haryana. The Town and Country Planning Department, Government of Haryana, sanctioned the license to develop the project in 2011, and construction commenced in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. Petitioners 1 & 2 made a total down payment of Rs. 6,46,84,349/- in 2016 toward 13 Studio Apartments, the Financial Creditor No. 3 booked an office space and was allotted unit
…License to develop the "Earth Iconic" project…
Construction of the…