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, requiring a minimum number of 100 allottees or not less than 10 percent 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 required number of minimum allottees.
Ketaki Shah Talati, a single investor, filed a company petition against Mirador Construction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, concerning the real estate project "Oasis Avani". The petition was filed before an amendment to Section 7 came into effect, which prescribed a minimum threshold of 100 allottees or 10% of the total allottees, whichever is less, for initiating such petitions. The petitioner did not meet this new requirement. The agreement between the petitioner and the Corporate Debtor was deemed contractual in nature. The petition was dismissed on 02.03.2021.
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Section 7 of the Insolvency and Bankruptcy Code,…
The tribunal dismissed the company petition…
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, requiring a minimum number of 100 allottees or not less than 10 percent 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 required number of minimum allottees.
Ketaki Shah Talati, a single investor, filed a company petition against Mirador Construction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, concerning the real estate project "Oasis Avani". The petition was filed before an amendment to Section 7 came into effect, which prescribed a minimum threshold of 100 allottees or 10% of the total allottees, whichever is less, for initiating such petitions. The petitioner did not meet this new requirement. The agreement between the petitioner and the Corporate Debtor was deemed contractual in nature. The petition was dismissed on 02.03.2021.
Section 7 of the Insolvency and Bankruptcy Code,…
The tribunal dismissed the company petition…