The case involves a petition filed by Skylark Ithaca Buyers Welfare Association under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate a corporate insolvency resolution process (CIRP) against Ithaca Estates India Pvt. Ltd. and Skylark Mansions Private Limited (SMPL). The petition arises from defaults in the 'Skylark Ithaca' project, where homebuyers were not given possession of their apartments as per the agreed timelines. The Corporate Debtor, Ithaca Estates India Private Limited, is a wholly owned subsidiary of Skylark Mansions Private Limited (SMPL), and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. The Financial Creditors had paid consideration for the
…M/s. Skylark Ithaca Buyers Welfare Association, representing 455 homebuyers, filed a petition under Section 7 of the IBC seeking to initiate CIRP against M/s. Ithaca Estates India Pvt. Ltd. (IEPL) and M/s. Skylark Mansions Private Limited (SMPL). The homebuyers had collectively disbursed Rs. 432,76,03,097/- for purchasing apartments in the 'Skylark Ithaca' project. IEPL, the Corporate Debtor, is a wholly owned subsidiary of SMPL and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. SMPL had entered into Joint Development Agreements with landowners for the project. SMPL had assigned all its rights and obligations with regard to Project Skylark Ithaca to IEPL. The homebuyers entered into
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M/s. Skylark Ithaca…
CIRP was initiated against Skylark Mansions…
The case involves a petition filed by Skylark Ithaca Buyers Welfare Association under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate a corporate insolvency resolution process (CIRP) against Ithaca Estates India Pvt. Ltd. and Skylark Mansions Private Limited (SMPL). The petition arises from defaults in the 'Skylark Ithaca' project, where homebuyers were not given possession of their apartments as per the agreed timelines. The Corporate Debtor, Ithaca Estates India Private Limited, is a wholly owned subsidiary of Skylark Mansions Private Limited (SMPL), and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. The Financial Creditors had paid consideration for the
…M/s. Skylark Ithaca Buyers Welfare Association, representing 455 homebuyers, filed a petition under Section 7 of the IBC seeking to initiate CIRP against M/s. Ithaca Estates India Pvt. Ltd. (IEPL) and M/s. Skylark Mansions Private Limited (SMPL). The homebuyers had collectively disbursed Rs. 432,76,03,097/- for purchasing apartments in the 'Skylark Ithaca' project. IEPL, the Corporate Debtor, is a wholly owned subsidiary of SMPL and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. SMPL had entered into Joint Development Agreements with landowners for the project. SMPL had assigned all its rights and obligations with regard to Project Skylark Ithaca to IEPL. The homebuyers entered into
…M/s. Skylark Ithaca…
CIRP was initiated against Skylark Mansions…