The case involves I.A. No.28/2020 in C.P. (IB) No.132/BB/2017 filed by Mr. Shivadutt Bannanje, the Resolution Professional (RP) of M/s. Fortuna Urbanscape Private Limited, seeking to consider and restore rights under a Joint Development Agreement (JDA) dated 2011-11-21, as if its cancellation dated 2019-06-12 had not occurred. The RP also sought to protect the interests of homebuyers who were victims of the transactions. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by M/s. Reliance Capital AIF Trustee Company Private Limited against M/s. Fortuna Urbanscape Private Limited, admitted on 2019-08-09. The Corporate Debtor had entered into a JDA and General Power of Attorney on 2011-11-21 with landowners for developing agricultural lands. Disputes
…M/s. Fortuna Urbanscape Private Limited (Corporate Debtor) entered into a Joint Development Agreement (JDA) and General Power of Attorney on 2011-11-21 with landowners for developing agricultural lands. The lands, totaling 9 Acres 12 Guntas, were intended for both commercial and residential purposes. The Corporate Debtor was to develop 3 Acres 11 Guntas for commercial purposes and 6 Acres 1 Gunta for residential purposes. Approximately 50 homebuyers paid Rs. 10,05,19,370/- as advance/full payment for apartments and villa plots. The JDA included clauses regarding the non-revocation of the power of attorney and the completion of construction within 48 months plus a 12-month grace period. The Corporate Debtor paid the landowners Rs. 20,59,66,102/- as a deposit towards the
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Corporate Debtor…
Corporate Debtor…
The case involves I.A. No.28/2020 in C.P. (IB) No.132/BB/2017 filed by Mr. Shivadutt Bannanje, the Resolution Professional (RP) of M/s. Fortuna Urbanscape Private Limited, seeking to consider and restore rights under a Joint Development Agreement (JDA) dated 2011-11-21, as if its cancellation dated 2019-06-12 had not occurred. The RP also sought to protect the interests of homebuyers who were victims of the transactions. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by M/s. Reliance Capital AIF Trustee Company Private Limited against M/s. Fortuna Urbanscape Private Limited, admitted on 2019-08-09. The Corporate Debtor had entered into a JDA and General Power of Attorney on 2011-11-21 with landowners for developing agricultural lands. Disputes
…M/s. Fortuna Urbanscape Private Limited (Corporate Debtor) entered into a Joint Development Agreement (JDA) and General Power of Attorney on 2011-11-21 with landowners for developing agricultural lands. The lands, totaling 9 Acres 12 Guntas, were intended for both commercial and residential purposes. The Corporate Debtor was to develop 3 Acres 11 Guntas for commercial purposes and 6 Acres 1 Gunta for residential purposes. Approximately 50 homebuyers paid Rs. 10,05,19,370/- as advance/full payment for apartments and villa plots. The JDA included clauses regarding the non-revocation of the power of attorney and the completion of construction within 48 months plus a 12-month grace period. The Corporate Debtor paid the landowners Rs. 20,59,66,102/- as a deposit towards the
…Corporate Debtor…
Corporate Debtor…