Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own corporate insolvency resolution process (CIRP) due to a default of Rs. 28,59,70,100/- to its financial creditor, CHD Blueberry Realtech Pvt. Ltd. CHD objected to the application, alleging that Iceberg Developers was attempting to initiate insolvency resolution fraudulently. CHD claimed that Iceberg Developers made material omissions in its balance sheet and transferred assets to related parties to defraud CHD. The application was filed in the National Company Law Tribunal (NCLT), New Delhi.
Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own CIRP, claiming a default of Rs. 28,59,70,100/- to CHD Blueberry Realtech Pvt. Ltd. CHD objected, alleging fraudulent intent. CHD claimed Iceberg Developers made material omissions in its balance sheet, particularly regarding loans repayable by Amit Katiyal and Deepali Katiyal, former directors. CHD also pointed out asset transfers to related parties, including Krrish Realtech Pvt. Ltd., the holding company. An agreement dated 2010-12-21 between Iceberg Developers and CHD involved CHD advancing Rs. 15,33,40,000/- for a project subject to DTCP Haryana license. The license was not granted, leading CHD to initiate arbitration. An arbitral
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Iceberg Developers and CHD entered into an…
The agreement dated…
Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own corporate insolvency resolution process (CIRP) due to a default of Rs. 28,59,70,100/- to its financial creditor, CHD Blueberry Realtech Pvt. Ltd. CHD objected to the application, alleging that Iceberg Developers was attempting to initiate insolvency resolution fraudulently. CHD claimed that Iceberg Developers made material omissions in its balance sheet and transferred assets to related parties to defraud CHD. The application was filed in the National Company Law Tribunal (NCLT), New Delhi.
Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own CIRP, claiming a default of Rs. 28,59,70,100/- to CHD Blueberry Realtech Pvt. Ltd. CHD objected, alleging fraudulent intent. CHD claimed Iceberg Developers made material omissions in its balance sheet, particularly regarding loans repayable by Amit Katiyal and Deepali Katiyal, former directors. CHD also pointed out asset transfers to related parties, including Krrish Realtech Pvt. Ltd., the holding company. An agreement dated 2010-12-21 between Iceberg Developers and CHD involved CHD advancing Rs. 15,33,40,000/- for a project subject to DTCP Haryana license. The license was not granted, leading CHD to initiate arbitration. An arbitral
…Iceberg Developers and CHD entered into an…
The agreement dated…