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, but the corporate debtor failed to fulfill its obligations under the agreement. A settlement deed was later executed, but the corporate debtor defaulted on the repayment schedule.
Ajay Kumar Gupta & Anr. (Financial Creditors) invested Rs. 10.00 lakhs in a project by IERO Fiveriver Pvt. Ltd. (Corporate Debtor) on 16.08.2010. On 18.05.2011, a provisional plot allotment letter was issued. The Financial Creditors paid Rs. 15,11,600/- upon allotment. 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, leading the Financial Creditor to seek 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. Cheques were issued, but some were dishonored due to 'insufficient funds'. The dishonor
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Financial Creditors…
Provisional plot…
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, but the corporate debtor failed to fulfill its obligations under the agreement. A settlement deed was later executed, but the corporate debtor defaulted on the repayment schedule.
Ajay Kumar Gupta & Anr. (Financial Creditors) invested Rs. 10.00 lakhs in a project by IERO Fiveriver Pvt. Ltd. (Corporate Debtor) on 16.08.2010. On 18.05.2011, a provisional plot allotment letter was issued. The Financial Creditors paid Rs. 15,11,600/- upon allotment. 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, leading the Financial Creditor to seek 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. Cheques were issued, but some were dishonored due to 'insufficient funds'. The dishonor
…Financial Creditors…
Provisional plot…