The case involves a petition filed by Mrs. Jagruti Govind Punjabi and three others, identified as Petitioners/Applicants/Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Expat Projects and Development Pvt. Ltd. The petitioners invested in a development project called 'Golden Greens' proposed by the Corporate Debtor, making payments towards the scheme. However, the Corporate Debtor failed to execute the Agreement of Sale or complete the development within the agreed timeframe, leading the petitioners to seek a refund of their payments.
M/s. Expat Projects and Development Pvt. Ltd. was incorporated on 14.09.2007. The Corporate Debtor approached the Petitioners with a proposal to invest in a development project called 'Golden Greens'. The Petitioners individually decided to invest and executed Token Receipt Agreements with the Corporate Debtor. Applicants 1, 2, and 3 each paid Rs.2,00,000/- towards the initial booking amount. Applicant No.4 also executed a Token Receipt Agreement and paid Rs.2,76,000/-. The Applicants agreed to invest Rs.9,25,000/- each in the scheme. The Corporate Debtor assured Applicant No.4 that a formal agreement would be executed soon. The Corporate Debtor failed to execute the Agreement of Sale or complete the development within the stipulated time. The Applicants sent legal
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M/s. Expat Projects and Development Pvt. Ltd.…
The Petitioners executed Token Receipt…
The case involves a petition filed by Mrs. Jagruti Govind Punjabi and three others, identified as Petitioners/Applicants/Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Expat Projects and Development Pvt. Ltd. The petitioners invested in a development project called 'Golden Greens' proposed by the Corporate Debtor, making payments towards the scheme. However, the Corporate Debtor failed to execute the Agreement of Sale or complete the development within the agreed timeframe, leading the petitioners to seek a refund of their payments.
M/s. Expat Projects and Development Pvt. Ltd. was incorporated on 14.09.2007. The Corporate Debtor approached the Petitioners with a proposal to invest in a development project called 'Golden Greens'. The Petitioners individually decided to invest and executed Token Receipt Agreements with the Corporate Debtor. Applicants 1, 2, and 3 each paid Rs.2,00,000/- towards the initial booking amount. Applicant No.4 also executed a Token Receipt Agreement and paid Rs.2,76,000/-. The Applicants agreed to invest Rs.9,25,000/- each in the scheme. The Corporate Debtor assured Applicant No.4 that a formal agreement would be executed soon. The Corporate Debtor failed to execute the Agreement of Sale or complete the development within the stipulated time. The Applicants sent legal
…M/s. Expat Projects and Development Pvt. Ltd.…
The Petitioners executed Token Receipt…