Manjula Khullar & Ors., claiming as financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Krrish Shalimar Projects Pvt. Ltd., referred to as the 'Corporate Debtor'. The financial creditors are allottees under a real estate project. The corporate debtor launched a group housing project in January 2012, and the financial creditors booked a flat in Tower B, making an initial payment on 2012-02-25. An Apartment Buyer Agreement was executed on 2013-02-27. The corporate debtor was obligated to hand over possession of the flat by 2016-02-26, or by 2016-11-26 including the grace period, but failed to do so. The petitioners requested a refund on
…Manjula Khullar & Ors. (the Petitioners) booked a flat in the 'Ibiza Town' project of M/s Krrish Shalimar Projects Pvt. Ltd. (the Corporate Debtor) in January 2012. The Petitioners made an initial payment on 2012-02-25 and an Apartment Buyer Agreement was executed on 2013-02-27. The total consideration for the flat was Rs. 1,85,92,093/-, which the Petitioners paid to the Corporate Debtor on various dates. As per clause 3.1 of the Apartment Buyer Agreement, the Corporate Debtor was to hand over possession of the flat within 36 months, with a 9-month grace period, making the final deadline 2016-11-26. The Corporate Debtor failed to deliver possession by this date. The Petitioners requested a refund of their deposited amount via email on 2018-07-16, but the Corporate
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Manjula Khullar & Ors., claiming as financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Krrish Shalimar Projects Pvt. Ltd., referred to as the 'Corporate Debtor'. The financial creditors are allottees under a real estate project. The corporate debtor launched a group housing project in January 2012, and the financial creditors booked a flat in Tower B, making an initial payment on 2012-02-25. An Apartment Buyer Agreement was executed on 2013-02-27. The corporate debtor was obligated to hand over possession of the flat by 2016-02-26, or by 2016-11-26 including the grace period, but failed to do so. The petitioners requested a refund on
…Manjula Khullar & Ors. (the Petitioners) booked a flat in the 'Ibiza Town' project of M/s Krrish Shalimar Projects Pvt. Ltd. (the Corporate Debtor) in January 2012. The Petitioners made an initial payment on 2012-02-25 and an Apartment Buyer Agreement was executed on 2013-02-27. The total consideration for the flat was Rs. 1,85,92,093/-, which the Petitioners paid to the Corporate Debtor on various dates. As per clause 3.1 of the Apartment Buyer Agreement, the Corporate Debtor was to hand over possession of the flat within 36 months, with a 9-month grace period, making the final deadline 2016-11-26. The Corporate Debtor failed to deliver possession by this date. The Petitioners requested a refund of their deposited amount via email on 2018-07-16, but the Corporate
…Corporate Debtor…
Financial Creditors…