M/s Bheemasamudra Land Developers and Builders, an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Metrik Infraprojects Private Limited, the corporate debtor, alleging default. The operational creditor claimed that the corporate debtor owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015, which was entered into in consideration of the development carried out by the operational creditor on the corporate debtor's land. The corporate debtor denied the existence of any debt and claimed that the MoU was concocted and that the amounts had already been paid under a sale deed.
M/s Bheemasamudra Land Developers and Builders (Operational Creditor) claimed that Metrik Infraprojects Private Limited (Corporate Debtor) owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015. The MoU was allegedly entered into in consideration of development work carried out by the Operational Creditor on land owned by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor admitted liability in the MoU and issued 12 post-dated cheques of Rs. 50 Lakh each, some of which were dishonored. The Corporate Debtor denied the existence of any debt and claimed that the MoU was concocted. They argued that the payments were made under a registered sale deed dated 08.06.2015, and that the Operational Creditor had acknowledged
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M/s Bheemasamudra Land Developers and Builders, an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Metrik Infraprojects Private Limited, the corporate debtor, alleging default. The operational creditor claimed that the corporate debtor owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015, which was entered into in consideration of the development carried out by the operational creditor on the corporate debtor's land. The corporate debtor denied the existence of any debt and claimed that the MoU was concocted and that the amounts had already been paid under a sale deed.
M/s Bheemasamudra Land Developers and Builders (Operational Creditor) claimed that Metrik Infraprojects Private Limited (Corporate Debtor) owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015. The MoU was allegedly entered into in consideration of development work carried out by the Operational Creditor on land owned by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor admitted liability in the MoU and issued 12 post-dated cheques of Rs. 50 Lakh each, some of which were dishonored. The Corporate Debtor denied the existence of any debt and claimed that the MoU was concocted. They argued that the payments were made under a registered sale deed dated 08.06.2015, and that the Operational Creditor had acknowledged
…Respondent purchased…
Petitioner and Respondent entered into a…