This case involves a petition filed by Mr. Rohit Tole and Mrs. Pragati Tole, homebuyers, against Mantri Developers Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioners claimed a default of Rs. 39,81,993/-. They had booked an apartment in the 'Mantri Webcity 2B' project and entered into an 'agreement for construction' on 2014-05-27. The possession was to be handed over by 2017-03-31. The petitioners borrowed a loan from Axis Bank, later taken over by ICICI Bank, and paid a total amount of Rs. 21,94,222/- as per the construction-linked plan. The corporate debtor extended the date of handing over possession to April 2018. The petitioners approached Karnataka
…Mr. Rohit Tole and Mrs. Pragati Tole booked an apartment (K-1605) in the 'Mantri Webcity 2B' project developed by Mantri Developers Private Limited. An 'agreement for construction' was signed on 2014-05-27 for a total sale consideration of Rs. 72,02,460. Possession was to be handed over by 2017-03-31. The petitioners borrowed Rs. 59,60,671 from Axis Bank (later taken over by ICICI Bank) to pay for the apartment. Axis Bank disbursed Rs. 16,67,618 directly to the corporate debtor. The petitioners paid Rs. 21,94,222 as per the construction-linked plan. The corporate debtor extended the possession date to April 2018. The corporate debtor offered to change the apartment to J 1807, but the changed apartment had a higher price, which the petitioners did not accept. The
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This case involves a petition filed by Mr. Rohit Tole and Mrs. Pragati Tole, homebuyers, against Mantri Developers Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioners claimed a default of Rs. 39,81,993/-. They had booked an apartment in the 'Mantri Webcity 2B' project and entered into an 'agreement for construction' on 2014-05-27. The possession was to be handed over by 2017-03-31. The petitioners borrowed a loan from Axis Bank, later taken over by ICICI Bank, and paid a total amount of Rs. 21,94,222/- as per the construction-linked plan. The corporate debtor extended the date of handing over possession to April 2018. The petitioners approached Karnataka
…Mr. Rohit Tole and Mrs. Pragati Tole booked an apartment (K-1605) in the 'Mantri Webcity 2B' project developed by Mantri Developers Private Limited. An 'agreement for construction' was signed on 2014-05-27 for a total sale consideration of Rs. 72,02,460. Possession was to be handed over by 2017-03-31. The petitioners borrowed Rs. 59,60,671 from Axis Bank (later taken over by ICICI Bank) to pay for the apartment. Axis Bank disbursed Rs. 16,67,618 directly to the corporate debtor. The petitioners paid Rs. 21,94,222 as per the construction-linked plan. The corporate debtor extended the possession date to April 2018. The corporate debtor offered to change the apartment to J 1807, but the changed apartment had a higher price, which the petitioners did not accept. The
…Agreement for construction signed between the…
Original date for…