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 despite receiving a sum of Rs.39,16,287/- against a total sale consideration of Rs.86,84,082/-.
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 amount of default claimed was Rs.78,32,573/- as of 15/11/2018. The corporate debtor sought an extension for project completion via a letter dated 12/11/2013, proposing completion by 31/3/2017 with a 6-month grace period. The corporate debtor argued that the claim was barred by
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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 despite receiving a sum of Rs.39,16,287/- against a total sale consideration of Rs.86,84,082/-.
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 amount of default claimed was Rs.78,32,573/- as of 15/11/2018. The corporate debtor sought an extension for project completion via a letter dated 12/11/2013, proposing completion by 31/3/2017 with a 6-month grace period. The corporate debtor argued that the claim was barred by
…Agreement entered into…
Corporate debto…