Mrs. Ruby Kumari, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Assets Developers Private Limited, the corporate debtor. The applicant claimed that the corporate debtor had defaulted on a financial debt. The applicant had invested in the corporate debtor's project '3 Dimension' and made payments totaling Rs. 4,50,000/- for booking an under-construction flat. An Apartment Buyer's Agreement was executed, but the corporate debtor failed to execute the contract, and construction work stopped. The applicant alleged that no building construction work was going on and that they had not received any communication from the corporate
…Mrs. Ruby Kumari, the applicant, is a financial creditor who invested in the '3 Dimension' project of M/s Krishna Assets Developers Private Limited, the corporate debtor. The applicant made payments totaling Rs. 4,50,000/- to the corporate debtor for booking an under-construction flat. The payments were made via cheques between October 2015 and April 2016. An Apartment Buyer's Agreement was executed on 22.05.2016 for a residential unit with a super area of 136.10 sq mtr, with a total sale consideration of Rs. 55,21,203/-. The corporate debtor failed to execute the contract, and construction work stopped. The applicant alleged that no construction work was ongoing and that they had not received any communication from the corporate debtor. A legal notice dated 13.08.2018
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The corporate debtor, through its Directors,…
The applicant made an initial payment of Rs.…
Mrs. Ruby Kumari, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Assets Developers Private Limited, the corporate debtor. The applicant claimed that the corporate debtor had defaulted on a financial debt. The applicant had invested in the corporate debtor's project '3 Dimension' and made payments totaling Rs. 4,50,000/- for booking an under-construction flat. An Apartment Buyer's Agreement was executed, but the corporate debtor failed to execute the contract, and construction work stopped. The applicant alleged that no building construction work was going on and that they had not received any communication from the corporate
…Mrs. Ruby Kumari, the applicant, is a financial creditor who invested in the '3 Dimension' project of M/s Krishna Assets Developers Private Limited, the corporate debtor. The applicant made payments totaling Rs. 4,50,000/- to the corporate debtor for booking an under-construction flat. The payments were made via cheques between October 2015 and April 2016. An Apartment Buyer's Agreement was executed on 22.05.2016 for a residential unit with a super area of 136.10 sq mtr, with a total sale consideration of Rs. 55,21,203/-. The corporate debtor failed to execute the contract, and construction work stopped. The applicant alleged that no construction work was ongoing and that they had not received any communication from the corporate debtor. A legal notice dated 13.08.2018
…The corporate debtor, through its Directors,…
The applicant made an initial payment of Rs.…