M/s. Microsun Solar Tech Private Limited filed C.P (IB) No.39/BB/2021 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Maharaja Techno Chromes Private Limited, citing a default of Rs.2,35,45,628/-. The applicant and corporate debtor had entered into an agreement for sale dated 20.04.2016, where the applicant advanced money for purchase of property. The corporate debtor failed to execute the sale deed due to financial stress.
M/s. Microsun Solar Tech Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s. Maharaja Techno Chromes Private Limited (Corporate Debtor) due to a default of Rs. 2,35,45,628/-. The Financial Creditor and Corporate Debtor entered into an agreement for sale on 20.04.2016, where the Financial Creditor advanced money for the purchase of property bearing Plot No. 55. The Corporate Debtor failed to execute the sale deed due to financial stress, informing the applicant of their inability on 08.02.2020. The Financial Creditor had paid Rs. 1,67,03,041/- till 01.04.2019. The Corporate Debtor admitted the debt and default and expressed its inability to repay the advance amount or transfer the land. The Corporate
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M/s. Microsun Solar Tech Private Limited filed C.P (IB) No.39/BB/2021 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Maharaja Techno Chromes Private Limited, citing a default of Rs.2,35,45,628/-. The applicant and corporate debtor had entered into an agreement for sale dated 20.04.2016, where the applicant advanced money for purchase of property. The corporate debtor failed to execute the sale deed due to financial stress.
M/s. Microsun Solar Tech Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s. Maharaja Techno Chromes Private Limited (Corporate Debtor) due to a default of Rs. 2,35,45,628/-. The Financial Creditor and Corporate Debtor entered into an agreement for sale on 20.04.2016, where the Financial Creditor advanced money for the purchase of property bearing Plot No. 55. The Corporate Debtor failed to execute the sale deed due to financial stress, informing the applicant of their inability on 08.02.2020. The Financial Creditor had paid Rs. 1,67,03,041/- till 01.04.2019. The Corporate Debtor admitted the debt and default and expressed its inability to repay the advance amount or transfer the land. The Corporate
…Applicant entered into an agreement for sale…
Applicant ha…