M/s Forteasia Realty Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against M/s Ferrous Township Private Limited. The application was based on the alleged default by the Respondent in returning an advance amount of Rs. 1.00 crore paid by the Applicant for the purchase of land. The Applicant claimed that the Respondent misrepresented its ability to sell the land and that the land was encumbered and already sold to another party. The Respondent contended that all facts were disclosed to the Applicant prior to the transaction and that the Applicant failed to fulfill its commercial obligations.
M/s Forteasia Realty Private Limited (Applicant) sought to initiate corporate insolvency resolution process (CIRP) against M/s Ferrous Township Private Limited (Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to an alleged default in returning an advance of Rs. 1 crore. The Applicant intended to purchase 15 acres of land from the Respondent, who claimed ownership of 102 acres in Faridabad with a license for a residential plotted colony. The agreed rate was Rs. 2.75 crores per acre, with Rs. 1 crore to be paid on 2018-01-21. The Applicant later discovered that the license had expired in 2016, the land was mortgaged to ICICI Bank, and it was sold to Godrej Group. The directors of both Ferrous Township Pvt. Ltd. and Ferrous Infrastructure Pvt.
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Respondent obtained…
License No. 5/2012…
M/s Forteasia Realty Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against M/s Ferrous Township Private Limited. The application was based on the alleged default by the Respondent in returning an advance amount of Rs. 1.00 crore paid by the Applicant for the purchase of land. The Applicant claimed that the Respondent misrepresented its ability to sell the land and that the land was encumbered and already sold to another party. The Respondent contended that all facts were disclosed to the Applicant prior to the transaction and that the Applicant failed to fulfill its commercial obligations.
M/s Forteasia Realty Private Limited (Applicant) sought to initiate corporate insolvency resolution process (CIRP) against M/s Ferrous Township Private Limited (Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to an alleged default in returning an advance of Rs. 1 crore. The Applicant intended to purchase 15 acres of land from the Respondent, who claimed ownership of 102 acres in Faridabad with a license for a residential plotted colony. The agreed rate was Rs. 2.75 crores per acre, with Rs. 1 crore to be paid on 2018-01-21. The Applicant later discovered that the license had expired in 2016, the land was mortgaged to ICICI Bank, and it was sold to Godrej Group. The directors of both Ferrous Township Pvt. Ltd. and Ferrous Infrastructure Pvt.
…Respondent obtained…
License No. 5/2012…