The case involves a company petition filed by a single investor in a real estate project named "Oasis Avani" launched by Mirador Construction Pvt Ltd, the Corporate Debtor. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, Section 7 was amended, prescribing a minimum requirement of 100 allottees or not less than 10% of the total number of allottees under the same real estate project, whichever is less, for filing a petition under Section 7. The petitioner, a single home buyer, did not meet the amended requirement of minimum allottees.
Ketaki Shah Talati filed a company petition against Mirador Construction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, as a single investor in the real estate project "Oasis Avani". The petition was filed before an amendment to Section 7 came into effect. The amendment prescribed a minimum requirement of 100 allottees or 10% of the total allottees, whichever is less, for filing a petition under Section 7. Ketaki Shah Talati, being a single home buyer, did not meet this requirement. The agreement between the petitioner and the Corporate Debtor was deemed contractual in nature. The key fact is that the petitioner did not meet the amended minimum allottee requirement for the petition to be admitted.
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Order sheet of the…
Section 7 of the code was amended through…
The case involves a company petition filed by a single investor in a real estate project named "Oasis Avani" launched by Mirador Construction Pvt Ltd, the Corporate Debtor. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, Section 7 was amended, prescribing a minimum requirement of 100 allottees or not less than 10% of the total number of allottees under the same real estate project, whichever is less, for filing a petition under Section 7. The petitioner, a single home buyer, did not meet the amended requirement of minimum allottees.
Ketaki Shah Talati filed a company petition against Mirador Construction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, as a single investor in the real estate project "Oasis Avani". The petition was filed before an amendment to Section 7 came into effect. The amendment prescribed a minimum requirement of 100 allottees or 10% of the total allottees, whichever is less, for filing a petition under Section 7. Ketaki Shah Talati, being a single home buyer, did not meet this requirement. The agreement between the petitioner and the Corporate Debtor was deemed contractual in nature. The key fact is that the petitioner did not meet the amended minimum allottee requirement for the petition to be admitted.
Order sheet of the…
Section 7 of the code was amended through…