The petition was filed jointly by six petitioners under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be Financial Creditors. The petitioners sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against MSX Mall Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate its financial debt. The petitioners had booked shops in a commercial project developed by the Corporate Debtor and were promised assured returns and a buy-back option. The Corporate Debtor defaulted on the assured returns and the buy-back option.
Six petitioners jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against MSX Mall Pvt. Ltd. The petitioners had booked shops in a commercial project developed by the Corporate Debtor. Petitioners 1 & 2 booked a shop, and petitioners 3-4 and 5-6 booked two other shops. Payments were made, and letters of allotment were issued, followed by addendums offering a buy-back option at an enhanced rate. The purchase rate was Rs. 8,000/- per sq. ft., and the buy-back rate was agreed at Rs. 9,120/- per sq. ft. The Corporate Debtor also agreed to pay an assured return of 12% for a maximum period of 4 years, payable by the 7th of every month. The Corporate Debtor defaulted on the assured returns. Financial Creditors 1 & 2 stated they did
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Addendum dated 30th…
Allotment letter issued…
The petition was filed jointly by six petitioners under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be Financial Creditors. The petitioners sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against MSX Mall Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate its financial debt. The petitioners had booked shops in a commercial project developed by the Corporate Debtor and were promised assured returns and a buy-back option. The Corporate Debtor defaulted on the assured returns and the buy-back option.
Six petitioners jointly filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against MSX Mall Pvt. Ltd. The petitioners had booked shops in a commercial project developed by the Corporate Debtor. Petitioners 1 & 2 booked a shop, and petitioners 3-4 and 5-6 booked two other shops. Payments were made, and letters of allotment were issued, followed by addendums offering a buy-back option at an enhanced rate. The purchase rate was Rs. 8,000/- per sq. ft., and the buy-back rate was agreed at Rs. 9,120/- per sq. ft. The Corporate Debtor also agreed to pay an assured return of 12% for a maximum period of 4 years, payable by the 7th of every month. The Corporate Debtor defaulted on the assured returns. Financial Creditors 1 & 2 stated they did
…Addendum dated 30th…
Allotment letter issued…