The case involves a petition filed by three financial creditors against Celestial Estate Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The creditors booked studio apartments/commercial space in a project called "Earth Iconic" developed by the corporate debtor in Gurugram, Haryana. The license to develop the project was sanctioned in 2011, and construction began in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. The license was revoked on 2017-01-04 by the Town and Country Planning Department due to the project's standstill. The financial creditors seek to initiate the Corporate Insolvency Resolution Process (CIRP) as the corporate debtor failed to refund their money.
Sanjay Malik, Mrs. Atika Malik, and Mrs. Shashi Prabha Mishra, the financial creditors, booked studio apartments/commercial space in the "Earth Iconic" project developed by Celestial Estate Pvt. Ltd. in Gurugram, Haryana. The project's development license was sanctioned in 2011, and construction commenced in 2012. The creditors made payments towards the allotment of units. Sanjay Malik and Mrs. Atika Malik made a down payment of Rs. 6,46,84,349 in 2016 for 13 studio apartments. Mrs. Shashi Prabha Mishra booked an office space and paid Rs. 12,54,330. The corporate debtor assured completion by 2017 and possession by March 2018. However, the Town and Country Planning Department revoked the license on 2017-01-04 due to the project's standstill. The corporate
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License to develop the "Earth Iconic" project…
Construction of the…
The case involves a petition filed by three financial creditors against Celestial Estate Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The creditors booked studio apartments/commercial space in a project called "Earth Iconic" developed by the corporate debtor in Gurugram, Haryana. The license to develop the project was sanctioned in 2011, and construction began in 2012. The corporate debtor assured completion by 2017 and possession by March 2018. The license was revoked on 2017-01-04 by the Town and Country Planning Department due to the project's standstill. The financial creditors seek to initiate the Corporate Insolvency Resolution Process (CIRP) as the corporate debtor failed to refund their money.
Sanjay Malik, Mrs. Atika Malik, and Mrs. Shashi Prabha Mishra, the financial creditors, booked studio apartments/commercial space in the "Earth Iconic" project developed by Celestial Estate Pvt. Ltd. in Gurugram, Haryana. The project's development license was sanctioned in 2011, and construction commenced in 2012. The creditors made payments towards the allotment of units. Sanjay Malik and Mrs. Atika Malik made a down payment of Rs. 6,46,84,349 in 2016 for 13 studio apartments. Mrs. Shashi Prabha Mishra booked an office space and paid Rs. 12,54,330. The corporate debtor assured completion by 2017 and possession by March 2018. However, the Town and Country Planning Department revoked the license on 2017-01-04 due to the project's standstill. The corporate
…License to develop the "Earth Iconic" project…
Construction of the…