The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors against IERO Fiveriver Pvt. Ltd., the corporate debtor. The financial creditors claimed to have invested in a project promoted by the corporate debtor, with a provisional plot allotment letter issued in 2011. Despite payments made towards the plot, the corporate debtor failed to fulfill its obligations, leading the financial creditors to seek repayment. A settlement deed was later executed, but subsequent cheques issued by the corporate debtor were dishonored.
On 16.08.2010, the Financial Creditors invested Rs. 10.00 lakhs in a project by IERO Fiveriver Pvt. Ltd. On 18.05.2011, a provisional plot allotment letter was issued. The Financial Creditors paid Rs. 15,11,600/- for the plot. A Plot Buyers' Agreement was entered on 27.06.2011. Further payments were made on 18.05.2015 (Rs. 21,19,627/-), 13.09.2015 (Rs. 21,75,674/-), and 31.03.2016 (Rs. 21,97,649/-). The Corporate Debtor failed to fulfill obligations, and the Financial Creditor sought repayment on 10.11.2016. A Settlement Deed was executed on 15.02.2017, with the Corporate Debtor agreeing to repay Rs. 1,16,05,751/- with 9% interest. A cheque for Rs. 13,80,977/- was honored, but subsequent cheques dated 13.08.2017 for Rs. 14,36,162/- and Rs. 14,36,161/- were dishonored
…Sign in to view the parties.
Financial Creditors…
A provisiona…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors against IERO Fiveriver Pvt. Ltd., the corporate debtor. The financial creditors claimed to have invested in a project promoted by the corporate debtor, with a provisional plot allotment letter issued in 2011. Despite payments made towards the plot, the corporate debtor failed to fulfill its obligations, leading the financial creditors to seek repayment. A settlement deed was later executed, but subsequent cheques issued by the corporate debtor were dishonored.
On 16.08.2010, the Financial Creditors invested Rs. 10.00 lakhs in a project by IERO Fiveriver Pvt. Ltd. On 18.05.2011, a provisional plot allotment letter was issued. The Financial Creditors paid Rs. 15,11,600/- for the plot. A Plot Buyers' Agreement was entered on 27.06.2011. Further payments were made on 18.05.2015 (Rs. 21,19,627/-), 13.09.2015 (Rs. 21,75,674/-), and 31.03.2016 (Rs. 21,97,649/-). The Corporate Debtor failed to fulfill obligations, and the Financial Creditor sought repayment on 10.11.2016. A Settlement Deed was executed on 15.02.2017, with the Corporate Debtor agreeing to repay Rs. 1,16,05,751/- with 9% interest. A cheque for Rs. 13,80,977/- was honored, but subsequent cheques dated 13.08.2017 for Rs. 14,36,162/- and Rs. 14,36,161/- were dishonored
…Financial Creditors…
A provisiona…