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 a Delhi Metro Rail Corporation (DMRC) site 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 (IBC) against M/s. MGF Developments Limited (Corporate Debtor) to initiate corporate insolvency resolution process. The Operational Creditor and Corporate Debtor were involved in a concession agreement with Delhi Metro Rail Corporation (DMRC) dated 02.09.2004, where they were to sub-let shops/available space and share revenue in a 50:50 ratio. An escrow agreement was executed on 22.06.2005. The Operational Creditor claimed that the Corporate Debtor failed to transfer their share of the revenue. A demand notice was issued on 24.08.2018 under Section 8 of IBC, 2016. The Corporate Debtor raised objections, citing
…Sign in to view the parties.
Concession agreement…
Escrow agreement…
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 a Delhi Metro Rail Corporation (DMRC) site 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 (IBC) against M/s. MGF Developments Limited (Corporate Debtor) to initiate corporate insolvency resolution process. The Operational Creditor and Corporate Debtor were involved in a concession agreement with Delhi Metro Rail Corporation (DMRC) dated 02.09.2004, where they were to sub-let shops/available space and share revenue in a 50:50 ratio. An escrow agreement was executed on 22.06.2005. The Operational Creditor claimed that the Corporate Debtor failed to transfer their share of the revenue. A demand notice was issued on 24.08.2018 under Section 8 of IBC, 2016. The Corporate Debtor raised objections, citing
…Concession agreement…
Escrow agreement…