Pratap Chandra Padhy and others, acting as financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Dreamz Infra India Limited, the corporate debtor. The financial creditors claimed that the corporate debtor defaulted on a payment of Rs. 40,06,625. The corporate debtor floated a housing project named 'Dreamz Sumadhur' in 2014, promising possession by 2018. Buyers, including the financial creditors, made deposits as per the scheme. However, construction stalled after November 2015, and responsible officers of the corporate debtor became unreachable. The project was left unattended, leading to complaints and criminal proceedings. The
…Pratap Chandra Padhy and two others, acting as financial creditors/homebuyers, filed a petition against M/s. Dreamz Infra India Limited, the corporate debtor, under Section 7 of the IBC, 2016. The financial creditors claimed a default of Rs. 40,06,625. The corporate debtor launched a housing project called 'Dreamz Sumadhur' in 2014, promising possession by 2018. Buyers, including the financial creditors, made payments as per the scheme. After November 2015, construction stalled, and the corporate debtor's officers became unreachable. The project was left unattended, leading to complaints and criminal proceedings. The financial creditors served a legal notice in September 2018, demanding a refund, but the corporate debtor failed to comply, claiming the project would be
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Pratap Chandra Padhy and others, acting as financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Dreamz Infra India Limited, the corporate debtor. The financial creditors claimed that the corporate debtor defaulted on a payment of Rs. 40,06,625. The corporate debtor floated a housing project named 'Dreamz Sumadhur' in 2014, promising possession by 2018. Buyers, including the financial creditors, made deposits as per the scheme. However, construction stalled after November 2015, and responsible officers of the corporate debtor became unreachable. The project was left unattended, leading to complaints and criminal proceedings. The
…Pratap Chandra Padhy and two others, acting as financial creditors/homebuyers, filed a petition against M/s. Dreamz Infra India Limited, the corporate debtor, under Section 7 of the IBC, 2016. The financial creditors claimed a default of Rs. 40,06,625. The corporate debtor launched a housing project called 'Dreamz Sumadhur' in 2014, promising possession by 2018. Buyers, including the financial creditors, made payments as per the scheme. After November 2015, construction stalled, and the corporate debtor's officers became unreachable. The project was left unattended, leading to complaints and criminal proceedings. The financial creditors served a legal notice in September 2018, demanding a refund, but the corporate debtor failed to comply, claiming the project would be
…Corporate Debtor…
Construction of the…