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, booking a unit in the group housing complex. However, due to lack of construction progress, the financial creditors sought cancellation and refund of their investment. A demand notice was issued on June 2, 2018, but no reply or refund was initiated by the corporate debtor. As of October 19, 2018, a sum of Rs. 1,23,18,735/- was outstanding and payable by the corporate debtor to the financial creditors.
In 2012, M/s. Kashish Developers Limited (Corporate Debtor) approached Dr. S.C. Ahuja and M/s. Jain Estates (Financial Creditors) seeking investment in their project 'MANOR ONE'. The Financial Creditors booked a unit (Apartment No. C3-11A) for a total 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 lack of construction progress, the Financial Creditors sought cancellation and refund. A demand notice dated June 2, 2018, was issued, but the Corporate Debtor neither replied nor initiated a refund. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding. The Financial Creditors filed an
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Financial Creditors invested in the Corporate…
Allotment letter issued…
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, booking a unit in the group housing complex. However, due to lack of construction progress, the financial creditors sought cancellation and refund of their investment. A demand notice was issued on June 2, 2018, but no reply or refund was initiated by the corporate debtor. As of October 19, 2018, a sum of Rs. 1,23,18,735/- was outstanding and payable by the corporate debtor to the financial creditors.
In 2012, M/s. Kashish Developers Limited (Corporate Debtor) approached Dr. S.C. Ahuja and M/s. Jain Estates (Financial Creditors) seeking investment in their project 'MANOR ONE'. The Financial Creditors booked a unit (Apartment No. C3-11A) for a total 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 lack of construction progress, the Financial Creditors sought cancellation and refund. A demand notice dated June 2, 2018, was issued, but the Corporate Debtor neither replied nor initiated a refund. As of October 19, 2018, Rs. 1,23,18,735/- was outstanding. The Financial Creditors filed an
…Financial Creditors invested in the Corporate…
Allotment letter issued…