SCSL Buildwell Private Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Pal Infrastructure & Developers Private Limited, referred to as the corporate debtor. The financial creditor and corporate debtor entered into an agreement on 2010-12-17, where the financial creditor agreed to purchase 20 flats in a real estate project named "Icon Tower" developed by the corporate debtor. The financial creditor paid INR 7.92 Crore to the corporate debtor. The flats were to be delivered by 2013-11-11. The corporate debtor failed to complete the construction and deliver possession. The applicant invoked the arbitration
…SCSL Buildwell Private Limited (the applicant) and Pal Infrastructure & Developers Private Limited (the respondent) entered into an agreement on 2010-12-17, where the applicant agreed to purchase 20 flats in a real estate project named "Icon Tower" developed by the respondent. The applicant paid INR 7.92 Crore to the respondent. The flats were to be delivered by 2013-11-11. The respondent failed to complete the construction and deliver possession. The applicant invoked the arbitration clause, and Mr. Justice G.S. Singhvi was appointed as the Sole Arbitrator on 2014-03-12. The Arbitrator passed an award on 2017-12-22, directing the respondent to refund INR 7.92 Crores with interest. Despite the award, the respondent failed to pay the debts. The applicant
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Financial Creditor agreed to purchase 20 flats…
Flats were to be…
SCSL Buildwell Private Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Pal Infrastructure & Developers Private Limited, referred to as the corporate debtor. The financial creditor and corporate debtor entered into an agreement on 2010-12-17, where the financial creditor agreed to purchase 20 flats in a real estate project named "Icon Tower" developed by the corporate debtor. The financial creditor paid INR 7.92 Crore to the corporate debtor. The flats were to be delivered by 2013-11-11. The corporate debtor failed to complete the construction and deliver possession. The applicant invoked the arbitration
…SCSL Buildwell Private Limited (the applicant) and Pal Infrastructure & Developers Private Limited (the respondent) entered into an agreement on 2010-12-17, where the applicant agreed to purchase 20 flats in a real estate project named "Icon Tower" developed by the respondent. The applicant paid INR 7.92 Crore to the respondent. The flats were to be delivered by 2013-11-11. The respondent failed to complete the construction and deliver possession. The applicant invoked the arbitration clause, and Mr. Justice G.S. Singhvi was appointed as the Sole Arbitrator on 2014-03-12. The Arbitrator passed an award on 2017-12-22, directing the respondent to refund INR 7.92 Crores with interest. Despite the award, the respondent failed to pay the debts. The applicant
…Financial Creditor agreed to purchase 20 flats…
Flats were to be…