The case involves a petition filed by Mr. Sandeep Bidani, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Praxis Developers India Pvt. Ltd, the respondent-corporate debtor, due to default in payment of debt. The petitioner invested in the respondent's 'Holiday Farms' project and later in farm land, with agreements for assured returns. The corporate debtor defaulted on payments after 01.07.2016.
Mr. Sandeep Bidani, the petitioner, invested in Praxis Developers India Pvt. Ltd.'s 'Holiday Farms' project, specifically in a farm house (Investment No. 1). He invested in farm house bearing No. J-07 Block No. J. The corporate debtor assured a return of ₹ 51,023 for 24 months. The petitioner relied on receipts from December 2013 and January 2014, showing deposits of ₹20,00,000, ₹5,00,000, and ₹5,10,000. The corporate debtor issued an allotment letter dated 20.02.2014. The petitioner made further payments of ₹13,24,795 on 10.03.2014 and ₹4,00,000 on 07.06.2014. The corporate debtor again approached the petitioner for investment in farm land (Investment No. 2). The petitioner agreed to purchase farm land bearing Farm No. H-09, Block No. H. The corporate debtor agreed to
…Sign in to view the parties.
Receipts showing…
Receipt showing deposit…
The case involves a petition filed by Mr. Sandeep Bidani, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Praxis Developers India Pvt. Ltd, the respondent-corporate debtor, due to default in payment of debt. The petitioner invested in the respondent's 'Holiday Farms' project and later in farm land, with agreements for assured returns. The corporate debtor defaulted on payments after 01.07.2016.
Mr. Sandeep Bidani, the petitioner, invested in Praxis Developers India Pvt. Ltd.'s 'Holiday Farms' project, specifically in a farm house (Investment No. 1). He invested in farm house bearing No. J-07 Block No. J. The corporate debtor assured a return of ₹ 51,023 for 24 months. The petitioner relied on receipts from December 2013 and January 2014, showing deposits of ₹20,00,000, ₹5,00,000, and ₹5,10,000. The corporate debtor issued an allotment letter dated 20.02.2014. The petitioner made further payments of ₹13,24,795 on 10.03.2014 and ₹4,00,000 on 07.06.2014. The corporate debtor again approached the petitioner for investment in farm land (Investment No. 2). The petitioner agreed to purchase farm land bearing Farm No. H-09, Block No. H. The corporate debtor agreed to
…Receipts showing…
Receipt showing deposit…