The case involves an application filed by Mr. S. Lakshmanan, acting as the Power Agent for Mr. L. Sriram Lakshmanan, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant claimed that the corporate debtor defaulted in repaying a sum of Rs. 60,00,000 paid in 2013 towards booking a flat in the 'Emerald Enclave' project. The financial creditor wanted to cancel the booking due to lack of progress and sought a refund, which the corporate debtor allegedly failed to provide. The corporate debtor challenged the maintainability of the application, arguing that it was filed by a Power Agent and that the claim was time-barred.
Mr. S. Lakshmanan, as Power Agent for Mr. L. Sriram Lakshmanan, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant had paid Rs. 60,00,000 in 2013 to the corporate debtor for booking a flat in the 'Emerald Enclave' project. Due to lack of progress in construction, the financial creditor sought to cancel the booking and requested a refund. The corporate debtor allegedly agreed to refund the amount via email dated 07.08.2015 but defaulted. The Interim Resolution Professional (IRP) caused a public announcement on 07.09.2018, and the applicant submitted a claim of Rs. 90,00,000 to the IRP on 15.09.2018, which was admitted on
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Applicant paid Rs. 60,00,000 to the Corporate…
Corporate Debtor…
The case involves an application filed by Mr. S. Lakshmanan, acting as the Power Agent for Mr. L. Sriram Lakshmanan, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant claimed that the corporate debtor defaulted in repaying a sum of Rs. 60,00,000 paid in 2013 towards booking a flat in the 'Emerald Enclave' project. The financial creditor wanted to cancel the booking due to lack of progress and sought a refund, which the corporate debtor allegedly failed to provide. The corporate debtor challenged the maintainability of the application, arguing that it was filed by a Power Agent and that the claim was time-barred.
Mr. S. Lakshmanan, as Power Agent for Mr. L. Sriram Lakshmanan, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant had paid Rs. 60,00,000 in 2013 to the corporate debtor for booking a flat in the 'Emerald Enclave' project. Due to lack of progress in construction, the financial creditor sought to cancel the booking and requested a refund. The corporate debtor allegedly agreed to refund the amount via email dated 07.08.2015 but defaulted. The Interim Resolution Professional (IRP) caused a public announcement on 07.09.2018, and the applicant submitted a claim of Rs. 90,00,000 to the IRP on 15.09.2018, which was admitted on
…Applicant paid Rs. 60,00,000 to the Corporate…
Corporate Debtor…