The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditors (home buyers represented by Deves Damani) against Mounthill Realty Pvt. Ltd. (the corporate debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed that the corporate debtor defaulted on a financial debt of Rs. 7,56,11887.10. The home buyers had entered into agreements to purchase residential flats in a housing project developed by the corporate debtor, with a completion date agreed upon as June 2016, extendable by six months. The corporate debtor failed to provide possession of the flats.
Sixteen home buyers, represented by Mr. Deves Damani, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mounthill Realty Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed a default of Rs. 7,56,11887.10. An agreement dated 15-09-2013 stipulated that the home buyers would purchase residential flats in a project developed by the corporate debtor. The buyers paid the purchase price as per the agreed schedule. Clause 9.5 of the agreement specified a completion date of June 2016, with a possible six-month extension. The corporate debtor failed to provide possession of the flats by the agreed date. A Memorandum of Understanding (MOU) dated 05-04-2019, was
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All 16 home buyers agreed to purchase…
Original completion date for the construction…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by financial creditors (home buyers represented by Deves Damani) against Mounthill Realty Pvt. Ltd. (the corporate debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed that the corporate debtor defaulted on a financial debt of Rs. 7,56,11887.10. The home buyers had entered into agreements to purchase residential flats in a housing project developed by the corporate debtor, with a completion date agreed upon as June 2016, extendable by six months. The corporate debtor failed to provide possession of the flats.
Sixteen home buyers, represented by Mr. Deves Damani, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mounthill Realty Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed a default of Rs. 7,56,11887.10. An agreement dated 15-09-2013 stipulated that the home buyers would purchase residential flats in a project developed by the corporate debtor. The buyers paid the purchase price as per the agreed schedule. Clause 9.5 of the agreement specified a completion date of June 2016, with a possible six-month extension. The corporate debtor failed to provide possession of the flats by the agreed date. A Memorandum of Understanding (MOU) dated 05-04-2019, was
…All 16 home buyers agreed to purchase…
Original completion date for the construction…