Dr. S.C. Ahuja and M/s. Jain Estates, as financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kashish Developers Limited, the corporate debtor. The financial creditors had invested in the corporate debtor's project 'MANOR ONE' in 2012 and jointly booked a unit. They made part payments totaling Rs. 50,35,886/-. However, due to lack of construction progress, they sought cancellation and refund. A demand notice was issued on June 2, 2018, but no reply or refund was received. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding and payable by the corporate debtor.
In 2012, M/s. Kashish Developers Limited (Corporate Debtor) approached Dr. S.C. Ahuja and M/s. Jain Estates (Financial Creditors) for investment in their project 'MANOR ONE'. The Financial Creditors jointly booked a unit (Apartment No. C3-11A) in the Group Housing Complex for a total sale consideration of Rs. 1,52,42,725/-. An allotment letter dated November 10, 2012, and an Apartment Buyer's Agreement dated November 30, 2012, were executed. The Financial Creditors paid Rs. 50,35,886/- as part payment. Due to no construction progress, the Financial Creditors sought cancellation and refund. A demand notice dated June 2, 2018, was issued, but no reply or refund was received. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding. The Corporate Debtor claimed delays
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The Corporate Debtor approached the Financial…
An allotment letter…
Dr. S.C. Ahuja and M/s. Jain Estates, as financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kashish Developers Limited, the corporate debtor. The financial creditors had invested in the corporate debtor's project 'MANOR ONE' in 2012 and jointly booked a unit. They made part payments totaling Rs. 50,35,886/-. However, due to lack of construction progress, they sought cancellation and refund. A demand notice was issued on June 2, 2018, but no reply or refund was received. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding and payable by the corporate debtor.
In 2012, M/s. Kashish Developers Limited (Corporate Debtor) approached Dr. S.C. Ahuja and M/s. Jain Estates (Financial Creditors) for investment in their project 'MANOR ONE'. The Financial Creditors jointly booked a unit (Apartment No. C3-11A) in the Group Housing Complex for a total sale consideration of Rs. 1,52,42,725/-. An allotment letter dated November 10, 2012, and an Apartment Buyer's Agreement dated November 30, 2012, were executed. The Financial Creditors paid Rs. 50,35,886/- as part payment. Due to no construction progress, the Financial Creditors sought cancellation and refund. A demand notice dated June 2, 2018, was issued, but no reply or refund was received. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding. The Corporate Debtor claimed delays
…The Corporate Debtor approached the Financial…
An allotment letter…