The case involves a petition filed by Ms. Shilpa Jain and another, claiming to be financial creditors, against Raheja Developers Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioners, as allottees under a real estate project, sought to initiate Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to hand over possession of an apartment booked by them. The corporate debtor raised objections, citing lack of 'default' and delays due to infrastructure provisioning by the government. The petitioners claimed that the maximum period for possession had expired, and the amount was due and payable.
Ms. Shilpa Jain and another filed a petition against Raheja Developers Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners are financial creditors as allottees under a real estate project. They booked an apartment in Raheja's Sampada, a residential project developed by Raheja Developers Ltd. The corporate debtor issued a joint allotment letter on 2012-08-03 and executed a Flat Buyer's Agreement on the same date. The financial creditors made payments amounting to Rs. 86,62,691/- to the corporate debtor. The corporate debtor was incorporated on 1990-11-27. The petitioners claimed that the total amount in default due and payable by the corporate debtor is Rs. 86,62,691/-
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Raheja Deve…
The Corporate Debtor issued a joint…
The case involves a petition filed by Ms. Shilpa Jain and another, claiming to be financial creditors, against Raheja Developers Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioners, as allottees under a real estate project, sought to initiate Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to hand over possession of an apartment booked by them. The corporate debtor raised objections, citing lack of 'default' and delays due to infrastructure provisioning by the government. The petitioners claimed that the maximum period for possession had expired, and the amount was due and payable.
Ms. Shilpa Jain and another filed a petition against Raheja Developers Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners are financial creditors as allottees under a real estate project. They booked an apartment in Raheja's Sampada, a residential project developed by Raheja Developers Ltd. The corporate debtor issued a joint allotment letter on 2012-08-03 and executed a Flat Buyer's Agreement on the same date. The financial creditors made payments amounting to Rs. 86,62,691/- to the corporate debtor. The corporate debtor was incorporated on 1990-11-27. The petitioners claimed that the total amount in default due and payable by the corporate debtor is Rs. 86,62,691/-
…Raheja Deve…
The Corporate Debtor issued a joint…