The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The petitioners, Mrs. Anita Nirula & Ors., are financial creditors who initiated Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s Piyush Shelters India Pvt Ltd. The petitioners applied for allotment of units in the respondent's project and made payments, but the respondent failed to deliver possession and defaulted on assured returns.
M/s Piyush Shelters India Pvt Ltd. was incorporated on 05.06.2006. The respondents advertised for its project "Piyush Global I" in Faridabad, Haryana, promising timely completion and possession. The Petitioners applied for allotment of a unit in the said project and were provisionally allotted an undivided area of 1000 sq. ft. and 1750 sq. ft. respectively for a total sale consideration of Rs. 26,54,756/- and Rs. 46,85,625/-. The Financial Creditors paid Rs. 23,99,756/- and 42,39,375/- on 29.2.2012 and 14.6.2012 respectively via cheque. The Corporate Debtor acknowledged the receipt of the amounts via registered Agreements/MOU dated 15.3.2012 and 11.6.2016. The MOU had an assured return clause, with the corporate debtor to pay the financial creditors Rs.
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The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The petitioners, Mrs. Anita Nirula & Ors., are financial creditors who initiated Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s Piyush Shelters India Pvt Ltd. The petitioners applied for allotment of units in the respondent's project and made payments, but the respondent failed to deliver possession and defaulted on assured returns.
M/s Piyush Shelters India Pvt Ltd. was incorporated on 05.06.2006. The respondents advertised for its project "Piyush Global I" in Faridabad, Haryana, promising timely completion and possession. The Petitioners applied for allotment of a unit in the said project and were provisionally allotted an undivided area of 1000 sq. ft. and 1750 sq. ft. respectively for a total sale consideration of Rs. 26,54,756/- and Rs. 46,85,625/-. The Financial Creditors paid Rs. 23,99,756/- and 42,39,375/- on 29.2.2012 and 14.6.2012 respectively via cheque. The Corporate Debtor acknowledged the receipt of the amounts via registered Agreements/MOU dated 15.3.2012 and 11.6.2016. The MOU had an assured return clause, with the corporate debtor to pay the financial creditors Rs.
…M/s Piyush Shelters…
Applicant No. 1 paid…