The case involves a petition filed by Mr. Sawraj Kumar, a financial creditor, against M/s. Expat Projects and Development Private Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor allegedly defaulted on a total amount of Rs. 15,03,11,397/-. The debt arose from a booking confirmation letter where Expat Projects Bangalore Holdings Pvt. Ltd. (Expat Bangalore) was the prime obligor, and Expat Projects & Development Private Ltd. (Expat Projects) acted as the guarantor. The applicant invested in a project known as 'Expat Central – The Hub' (later 'Expat Navata') proposed to be developed by Expat Bangalore. The corporate debtor assured the
…Mr. Sawraj Kumar invested in a real estate project 'Expat Central – The Hub' (later 'Expat Navata') by Expat Projects Bangalore Holdings Pvt. Ltd. (Expat Bangalore), with M/s. Expat Projects and Development Private Ltd. (Expat Projects) acting as the guarantor. The investment was based on booking confirmation letters and a guarantee agreement. The project faced delays, and the applicant issued an exit notice seeking a refund of Rs. 15,03,11,397/- with interest. Expat Projects Bangalore Holdings Pvt. Ltd. failed to repay the amount. The applicant invoked the performance guarantee of Expat Projects and issued demand notices. The applicant previously filed an application under Section 9 of the IBC, which was dismissed. The applicant then filed the present application
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M/s. Expat Projects &…
Booking Confirmation Letter issued by Expat…
The case involves a petition filed by Mr. Sawraj Kumar, a financial creditor, against M/s. Expat Projects and Development Private Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor allegedly defaulted on a total amount of Rs. 15,03,11,397/-. The debt arose from a booking confirmation letter where Expat Projects Bangalore Holdings Pvt. Ltd. (Expat Bangalore) was the prime obligor, and Expat Projects & Development Private Ltd. (Expat Projects) acted as the guarantor. The applicant invested in a project known as 'Expat Central – The Hub' (later 'Expat Navata') proposed to be developed by Expat Bangalore. The corporate debtor assured the
…Mr. Sawraj Kumar invested in a real estate project 'Expat Central – The Hub' (later 'Expat Navata') by Expat Projects Bangalore Holdings Pvt. Ltd. (Expat Bangalore), with M/s. Expat Projects and Development Private Ltd. (Expat Projects) acting as the guarantor. The investment was based on booking confirmation letters and a guarantee agreement. The project faced delays, and the applicant issued an exit notice seeking a refund of Rs. 15,03,11,397/- with interest. Expat Projects Bangalore Holdings Pvt. Ltd. failed to repay the amount. The applicant invoked the performance guarantee of Expat Projects and issued demand notices. The applicant previously filed an application under Section 9 of the IBC, which was dismissed. The applicant then filed the present application
…M/s. Expat Projects &…
Booking Confirmation Letter issued by Expat…