The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Anil Agarwal, a home-buyer, against Prabhudarshan Developers Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application is based on the Corporate Debtor's alleged default in paying a financial debt of Rs. 54,26,539/- and/or failing to provide peaceful possession of a premises.
Anil Agarwal, a home-buyer, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prabhudarshan Developers Private Ltd. The application was based on the Corporate Debtor's failure to pay a financial debt of Rs. 54,26,539/- and/or failure to provide peaceful possession of a premises bearing no. "4F-3", in Block-4, in the 3rd floor in a building proposed to be named as "Prabhu Orchard” situated at Mouza-Rasapunja, Pargana, Police Station- Bishnupur, District- 24 Parganas (South). The Financial Creditor produced an agreement of sale dated 18.02.2016, which stated that the Corporate Debtor was to complete construction by December 2018. The Corporate Debtor failed to give possession of the flat as agreed, prompting the
…Sign in to view the parties.
Agreement of sale…
Scheduled completion date for the construction…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Anil Agarwal, a home-buyer, against Prabhudarshan Developers Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application is based on the Corporate Debtor's alleged default in paying a financial debt of Rs. 54,26,539/- and/or failing to provide peaceful possession of a premises.
Anil Agarwal, a home-buyer, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prabhudarshan Developers Private Ltd. The application was based on the Corporate Debtor's failure to pay a financial debt of Rs. 54,26,539/- and/or failure to provide peaceful possession of a premises bearing no. "4F-3", in Block-4, in the 3rd floor in a building proposed to be named as "Prabhu Orchard” situated at Mouza-Rasapunja, Pargana, Police Station- Bishnupur, District- 24 Parganas (South). The Financial Creditor produced an agreement of sale dated 18.02.2016, which stated that the Corporate Debtor was to complete construction by December 2018. The Corporate Debtor failed to give possession of the flat as agreed, prompting the
…Agreement of sale…
Scheduled completion date for the construction…