The Applicant, Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a copy of the complete resolution plan or relevant extracts for Chandigarh Overseas Private Limited (Corporate Debtor). The Applicant had previously invested Rs. 19.17 Crores in a joint venture with the Corporate Debtor and claimed Rs. 135.94 Crores as a financial creditor. However, the Corporate Debtor's Resolution Professional (Respondent) rejected this claim, classifying it as operational debt and the Applicant as a 'related party'. This classification was upheld by the Tribunal in a prior order dated 13.03.2026, which dismissed IA No. 1148 of 2024. The Applicant, also
…Chandigarh Overseas Private Limited (Corporate Debtor) was admitted into CIRP via order dated 27.02.2023, with Mr. Arvind Kumar appointed as IRP and subsequently confirmed as RP.
Future Colonizers & Construction Limited (Applicant Company) was admitted into CIRP via order dated 13.10.2022, with Mr. Rajeev Bhambri appointed as IRP and later confirmed as RP.
The Applicant entered into a Joint Venture Agreement dated 08.01.2013 with the Corporate Debtor for project development, requiring an investment of Rs. 40 Crores.
In consideration of the investment, the Applicant was granted exclusive rights to 55 flats and 12 penthouses in Towers D-1 to D-12.
The Corporate Debtor acknowledged receipt of Rs. 19.17 Crores invested by the Applicant via receipt dated 28.01.2014.
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Applicant (Future Colonizers & Construction…
Corporate Debtor…
The Applicant, Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a copy of the complete resolution plan or relevant extracts for Chandigarh Overseas Private Limited (Corporate Debtor). The Applicant had previously invested Rs. 19.17 Crores in a joint venture with the Corporate Debtor and claimed Rs. 135.94 Crores as a financial creditor. However, the Corporate Debtor's Resolution Professional (Respondent) rejected this claim, classifying it as operational debt and the Applicant as a 'related party'. This classification was upheld by the Tribunal in a prior order dated 13.03.2026, which dismissed IA No. 1148 of 2024. The Applicant, also
…Chandigarh Overseas Private Limited (Corporate Debtor) was admitted into CIRP via order dated 27.02.2023, with Mr. Arvind Kumar appointed as IRP and subsequently confirmed as RP.
Future Colonizers & Construction Limited (Applicant Company) was admitted into CIRP via order dated 13.10.2022, with Mr. Rajeev Bhambri appointed as IRP and later confirmed as RP.
The Applicant entered into a Joint Venture Agreement dated 08.01.2013 with the Corporate Debtor for project development, requiring an investment of Rs. 40 Crores.
In consideration of the investment, the Applicant was granted exclusive rights to 55 flats and 12 penthouses in Towers D-1 to D-12.
The Corporate Debtor acknowledged receipt of Rs. 19.17 Crores invested by the Applicant via receipt dated 28.01.2014.
…Applicant (Future Colonizers & Construction…
Corporate Debtor…