The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors (home buyers) against Ideal Heights Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed a default amount of Rs.78,32,573/-. The corporate debtor failed to deliver possession of flats to the financial creditors, leading to the application.
Pramod Jain, Neelam Jain, and Urmila Devi Pandya, the financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ideal Heights Private Limited, the corporate debtor. The financial creditors, being home buyers, had purchased flats in a real estate project of the corporate debtor. They paid Rs.39,16,287/- against a total sale consideration of Rs.86,84,082/- as per an agreement dated 24/8/2011. The corporate debtor failed to deliver the flats. The corporate debtor had agreed to deliver possession within 36 months with a 6-month grace period but failed to do so. The corporate debtor sought an extension via a letter dated 12/11/2013, requesting an additional 42 months with a 6-month grace period. The amount of default
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Agreement entered into…
Corporate debtor sought…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors (home buyers) against Ideal Heights Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed a default amount of Rs.78,32,573/-. The corporate debtor failed to deliver possession of flats to the financial creditors, leading to the application.
Pramod Jain, Neelam Jain, and Urmila Devi Pandya, the financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ideal Heights Private Limited, the corporate debtor. The financial creditors, being home buyers, had purchased flats in a real estate project of the corporate debtor. They paid Rs.39,16,287/- against a total sale consideration of Rs.86,84,082/- as per an agreement dated 24/8/2011. The corporate debtor failed to deliver the flats. The corporate debtor had agreed to deliver possession within 36 months with a 6-month grace period but failed to do so. The corporate debtor sought an extension via a letter dated 12/11/2013, requesting an additional 42 months with a 6-month grace period. The amount of default
…Agreement entered into…
Corporate debtor sought…