This case involves an application filed by Dalmia Group Holdings, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Lokhandwala Kataria Construction Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹49,26,52,296/- including interest as on 15.02.2019. The Applicant and Respondent entered into a Memorandum of Understanding (MOU) dated 01.09.2015 regarding a residential project named "Minerva". The Respondent sought financial facilities by selling nine flats in the project, with a buyback option after 24 months.
Dalmia Group Holdings, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Lokhandwala Kataria Construction Private Limited, the Corporate Debtor. The application was based on a default of ₹49,26,52,296/- including interest as on 15.02.2019. The parties had entered into a Memorandum of Understanding (MOU) dated 01.09.2015, where the Applicant agreed to provide financial facilities to the Respondent by purchasing nine flats in the Respondent's residential project "Minerva". The total consideration for the flats was ₹65,38,00,000/-, out of which the Applicant disbursed ₹36,00,00,000/- as an advance. The Respondent had a right to buy back the flats after 24 months but before 36 months from the date
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This case involves an application filed by Dalmia Group Holdings, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Lokhandwala Kataria Construction Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹49,26,52,296/- including interest as on 15.02.2019. The Applicant and Respondent entered into a Memorandum of Understanding (MOU) dated 01.09.2015 regarding a residential project named "Minerva". The Respondent sought financial facilities by selling nine flats in the project, with a buyback option after 24 months.
Dalmia Group Holdings, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Lokhandwala Kataria Construction Private Limited, the Corporate Debtor. The application was based on a default of ₹49,26,52,296/- including interest as on 15.02.2019. The parties had entered into a Memorandum of Understanding (MOU) dated 01.09.2015, where the Applicant agreed to provide financial facilities to the Respondent by purchasing nine flats in the Respondent's residential project "Minerva". The total consideration for the flats was ₹65,38,00,000/-, out of which the Applicant disbursed ₹36,00,00,000/- as an advance. The Respondent had a right to buy back the flats after 24 months but before 36 months from the date
…Applicant and Respondent entered into a…
The Applicati…