The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent company. The applicant, Shri Chandra Shekhar, entered into a Memorandum of Understanding (MoU) with M/S Cosmic Structure Ltd on 06.01.2014 for booking a unit in their project for a consideration of Rs. 30,37,032/-. The applicant made payments under an assured return scheme at 12.50% P.A. However, the respondent failed to hand over possession of the unit and defaulted on assured returns after April 2015, leading to the application for CIRP.
Shri Chandra Shekhar, the applicant, entered into a Memorandum of Understanding (MoU) with M/S Cosmic Structure Ltd, the respondent, on 06.01.2014 for booking a unit in a project for Rs. 30,37,032/-. The applicant made payments under an assured return scheme at 12.50% P.A. The respondent was to pay assured returns from 23.11.2013 until possession of the unit was handed over. The respondent paid assured returns until April 2015 but then stopped without any communication. The respondent defaulted on Rs. 30,55,150/- plus assured monthly returns. The applicant submitted evidence, including income tax returns showing TDS deducted on interest and emails acknowledging the default. The respondent/corporate debtor did not appear despite being served. The registered office of
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Applicant entered into a Memorandum of…
Assured monthly returns…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent company. The applicant, Shri Chandra Shekhar, entered into a Memorandum of Understanding (MoU) with M/S Cosmic Structure Ltd on 06.01.2014 for booking a unit in their project for a consideration of Rs. 30,37,032/-. The applicant made payments under an assured return scheme at 12.50% P.A. However, the respondent failed to hand over possession of the unit and defaulted on assured returns after April 2015, leading to the application for CIRP.
Shri Chandra Shekhar, the applicant, entered into a Memorandum of Understanding (MoU) with M/S Cosmic Structure Ltd, the respondent, on 06.01.2014 for booking a unit in a project for Rs. 30,37,032/-. The applicant made payments under an assured return scheme at 12.50% P.A. The respondent was to pay assured returns from 23.11.2013 until possession of the unit was handed over. The respondent paid assured returns until April 2015 but then stopped without any communication. The respondent defaulted on Rs. 30,55,150/- plus assured monthly returns. The applicant submitted evidence, including income tax returns showing TDS deducted on interest and emails acknowledging the default. The respondent/corporate debtor did not appear despite being served. The registered office of
…Applicant entered into a Memorandum of…
Assured monthly returns…