M/s. Ansal Properties & Infrastructure Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against M/s. MGF Developments Limited. The operational creditor and corporate debtor were handed over the Delhi Metro Rail Corporation (DMRC) site at Netaji Subhash Place (Wazirpur) metro Station, Delhi under a concession agreement dated 02.09.2004. An escrow agreement dated 22.06.2005 was executed between the applicant and the respondent for sub-letting shops/available space to third parties and dividing the revenue in a 50:50 ratio.
M/s. Ansal Properties & Infrastructure Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. MGF Developments Limited (Corporate Debtor). The dispute arose from a concession agreement dated 02.09.2004 with DMRC, under which both parties were to sub-let shops/available space and share revenue. An escrow agreement dated 22.06.2005 was also executed. The Operational Creditor claimed that the Corporate Debtor failed to transfer the agreed share of revenue. The Operational Creditor issued a demand notice dated 24.08.2018. The Corporate Debtor raised objections, citing pre-existing disputes with DMRC, invocation of bank guarantees, and limitation. The DMRC also sought recovery of a sum of Rs.
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Concession agreement between the parties and…
Escrow agreement executed between the…
M/s. Ansal Properties & Infrastructure Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against M/s. MGF Developments Limited. The operational creditor and corporate debtor were handed over the Delhi Metro Rail Corporation (DMRC) site at Netaji Subhash Place (Wazirpur) metro Station, Delhi under a concession agreement dated 02.09.2004. An escrow agreement dated 22.06.2005 was executed between the applicant and the respondent for sub-letting shops/available space to third parties and dividing the revenue in a 50:50 ratio.
M/s. Ansal Properties & Infrastructure Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. MGF Developments Limited (Corporate Debtor). The dispute arose from a concession agreement dated 02.09.2004 with DMRC, under which both parties were to sub-let shops/available space and share revenue. An escrow agreement dated 22.06.2005 was also executed. The Operational Creditor claimed that the Corporate Debtor failed to transfer the agreed share of revenue. The Operational Creditor issued a demand notice dated 24.08.2018. The Corporate Debtor raised objections, citing pre-existing disputes with DMRC, invocation of bank guarantees, and limitation. The DMRC also sought recovery of a sum of Rs.
…Concession agreement between the parties and…
Escrow agreement executed between the…