The case involves an application filed by Jagdish Kumar Sharma and Kesh Bala Sharma ('Applicants') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') against RC Realcon Pvt. Ltd. ('Respondent') for initiating Corporate Insolvency Resolution Process ('CIRP'). The Applicants, landowners of 3.44 acres in Gurgaon, had entered into a collaboration agreement with the Respondent for developing a commercial colony. The Respondent was to develop and construct the colony, obtaining necessary approvals at its own cost. The Applicants paid significant sums towards external and infrastructure development charges. The Respondent failed to commence construction, leading to the application for CIRP.
Jagdish Kumar Sharma and Kesh Bala Sharma (Applicants) owned 3.44 acres of land in Gurgaon, Haryana. They obtained a license to construct a commercial colony on the land. They entered into a bilateral agreement with the Governor of Haryana to set up the colony. The Applicants paid Rs. 12,08,82,000 towards external development charges (EDC) and infrastructure development charges (IDC). They then entered into a collaboration agreement with RC Realcon Pvt. Ltd. (Respondent) on 2014-09-15, where the Respondent agreed to develop and construct the commercial colony. The Respondent was to obtain necessary approvals at its own cost. The Applicants agreed to vest 60% of the project with the Respondent. The Respondent failed to obtain necessary approvals or commence
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Applicants obtained license no. 84 of 2010 from…
Applicants entered into a collaboration…
The case involves an application filed by Jagdish Kumar Sharma and Kesh Bala Sharma ('Applicants') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') against RC Realcon Pvt. Ltd. ('Respondent') for initiating Corporate Insolvency Resolution Process ('CIRP'). The Applicants, landowners of 3.44 acres in Gurgaon, had entered into a collaboration agreement with the Respondent for developing a commercial colony. The Respondent was to develop and construct the colony, obtaining necessary approvals at its own cost. The Applicants paid significant sums towards external and infrastructure development charges. The Respondent failed to commence construction, leading to the application for CIRP.
Jagdish Kumar Sharma and Kesh Bala Sharma (Applicants) owned 3.44 acres of land in Gurgaon, Haryana. They obtained a license to construct a commercial colony on the land. They entered into a bilateral agreement with the Governor of Haryana to set up the colony. The Applicants paid Rs. 12,08,82,000 towards external development charges (EDC) and infrastructure development charges (IDC). They then entered into a collaboration agreement with RC Realcon Pvt. Ltd. (Respondent) on 2014-09-15, where the Respondent agreed to develop and construct the commercial colony. The Respondent was to obtain necessary approvals at its own cost. The Applicants agreed to vest 60% of the project with the Respondent. The Respondent failed to obtain necessary approvals or commence
…Applicants obtained license no. 84 of 2010 from…
Applicants entered into a collaboration…