The Petitioner, Shri Tek Chand, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the respondent company, M/s. Premia Projects Ltd. The petition was filed due to the corporate debtor's failure to pay assured returns as per a Memorandum of Understanding (MOU) entered into between the parties on 2013-10-11. The petitioner disbursed a total sale consideration of Rs. 3,03,73,754/- under the MOU and was to receive monthly assured returns of Rs. 3,04,167/- until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, leading to the default.
Shri Tek Chand, the petitioner, claimed to be a financial creditor of M/s. Premia Projects Ltd., the corporate debtor. On 2013-10-11, they entered into a sale/purchase MOU where the petitioner was to purchase 3500 sq. ft. of constructed space in Tower-A, Unit No. 4, property No. 201 in Sector KP-V, Greater Noida. The petitioner disbursed Rs. 3,03,73,754/- to the corporate debtor under the MOU. The petitioner opted for an assured returns plan, where the corporate debtor was to pay Rs. 3,04,167/- monthly until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, resulting in a default. The corporate debtor was incorporated on 2012-04-19, with CIN U45200DL2012PLC235075. The financial creditor issued a demand
…Sign in to view the parties.
M/s. Premia P…
Shri Tek Chand and M/s. Premia Projects Ltd.…
The Petitioner, Shri Tek Chand, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the respondent company, M/s. Premia Projects Ltd. The petition was filed due to the corporate debtor's failure to pay assured returns as per a Memorandum of Understanding (MOU) entered into between the parties on 2013-10-11. The petitioner disbursed a total sale consideration of Rs. 3,03,73,754/- under the MOU and was to receive monthly assured returns of Rs. 3,04,167/- until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, leading to the default.
Shri Tek Chand, the petitioner, claimed to be a financial creditor of M/s. Premia Projects Ltd., the corporate debtor. On 2013-10-11, they entered into a sale/purchase MOU where the petitioner was to purchase 3500 sq. ft. of constructed space in Tower-A, Unit No. 4, property No. 201 in Sector KP-V, Greater Noida. The petitioner disbursed Rs. 3,03,73,754/- to the corporate debtor under the MOU. The petitioner opted for an assured returns plan, where the corporate debtor was to pay Rs. 3,04,167/- monthly until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, resulting in a default. The corporate debtor was incorporated on 2012-04-19, with CIN U45200DL2012PLC235075. The financial creditor issued a demand
…M/s. Premia P…
Shri Tek Chand and M/s. Premia Projects Ltd.…