The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors against International Recreation and Amusement Limited, referred to as the corporate debtor. The applicants claimed to be financial creditors who had entered into agreements/Memorandum of Understanding with the corporate debtor for the purchase of commercial/retail units in the Appu Ghar project. The applicants paid a substantial portion of the total sale consideration under an 'Assured Return Plan', where the respondent undertook to pay a particular amount each month as assured returns after 24 months of the MOU. The respondent stopped paying the assured returns after July 2016, leading the applicants to demand payment, which was not fulfilled.

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors against International Recreation and Amusement Limited, referred to as the corporate debtor. The applicants claimed to be financial creditors who had entered into agreements/Memorandum of Understanding with the corporate debtor for the purchase of commercial/retail units in the Appu Ghar project. The applicants paid a substantial portion of the total sale consideration under an 'Assured Return Plan', where the respondent undertook to pay a particular amount each month as assured returns after 24 months of the MOU. The respondent stopped paying the assured returns after July 2016, leading the applicants to demand payment, which was not fulfilled.