The case involves an application filed by Ajanta Flat Owners' Association (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Green Peace Construction Private Limited (Corporate Debtor) for an outstanding debt of Rs. 1,15,00,000/- along with Rs. 31,08,588/-. The Operational Creditor claimed that the Corporate Debtor failed to complete substantial work relating to other facilities including provision for two gensets, lift, external painting, provision of the reticulated gas connection, and compound wall and gym equipment among others, as per a Joint Development Agreement (JDA) dated 07.03.2010. The Corporate Debtor acknowledged the outstanding list of pending jobs in a communication dated 02.01.2015. The Operational Creditor
…Ajanta Flat Owners' Association (Operational Creditor) filed an application against Green Peace Construction Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding debt of Rs. 1,15,00,000/- along with Rs. 31,08,588/-. A Joint Development Agreement (JDA) dated 07.03.2010 existed between the parties for the construction of 54 flats. The Corporate Debtor completed the structure but failed to complete other facilities. The Corporate Debtor acknowledged pending jobs in a communication dated 02.01.2015. The Operational Creditor demanded a Bank Guarantee, but the Corporate Debtor agreed to deposit Rs. 50 Lakhs. A post-dated cheque of Rs. 1 Crore was issued but returned due to insufficient
…Sign in to view the parties.
The Corporate Debtor entered into a Joint…
The Corporate Debtor sent a communication…
The case involves an application filed by Ajanta Flat Owners' Association (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Green Peace Construction Private Limited (Corporate Debtor) for an outstanding debt of Rs. 1,15,00,000/- along with Rs. 31,08,588/-. The Operational Creditor claimed that the Corporate Debtor failed to complete substantial work relating to other facilities including provision for two gensets, lift, external painting, provision of the reticulated gas connection, and compound wall and gym equipment among others, as per a Joint Development Agreement (JDA) dated 07.03.2010. The Corporate Debtor acknowledged the outstanding list of pending jobs in a communication dated 02.01.2015. The Operational Creditor
…Ajanta Flat Owners' Association (Operational Creditor) filed an application against Green Peace Construction Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding debt of Rs. 1,15,00,000/- along with Rs. 31,08,588/-. A Joint Development Agreement (JDA) dated 07.03.2010 existed between the parties for the construction of 54 flats. The Corporate Debtor completed the structure but failed to complete other facilities. The Corporate Debtor acknowledged pending jobs in a communication dated 02.01.2015. The Operational Creditor demanded a Bank Guarantee, but the Corporate Debtor agreed to deposit Rs. 50 Lakhs. A post-dated cheque of Rs. 1 Crore was issued but returned due to insufficient
…The Corporate Debtor entered into a Joint…
The Corporate Debtor sent a communication…