The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by financial creditors/homebuyers against Ratandeep Infrastructure Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditors had booked residential apartments in the respondent's project, "Silver Homes," based on representations made by the corporate debtor. Allotment letters were issued, and payments were made in installments. However, the project's progress was limited to basement structure work, and the possession was not delivered as promised.
Ratandeep Infrastructure Private Limited, incorporated on 13/06/2012, launched a residential project called "Silver Homes." Mr. Rachit Singhal, director of Ratandeep Infrastructure, approached financial creditors for booking apartments. Based on the corporate debtor's representations, the financial creditors/homebuyers booked residential apartments. Allotment letters were issued on 17.05.2016 and 21.08.2016 to financial creditors No. 1 and No. 2, respectively. Financial creditor No. 1 paid Rs 18,01,017.18 for Unit No. 506, and financial creditor No. 2 paid Rs 2,388,687 for Unit No. 305. Clause 25 of the allotment letter dated 17.05.2016 stipulated possession by December 2018. Upon visiting the site, the financial creditor found only basement structure work
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Ratandeep Infrastructure…
Corporate debtor issued…
The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by financial creditors/homebuyers against Ratandeep Infrastructure Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditors had booked residential apartments in the respondent's project, "Silver Homes," based on representations made by the corporate debtor. Allotment letters were issued, and payments were made in installments. However, the project's progress was limited to basement structure work, and the possession was not delivered as promised.
Ratandeep Infrastructure Private Limited, incorporated on 13/06/2012, launched a residential project called "Silver Homes." Mr. Rachit Singhal, director of Ratandeep Infrastructure, approached financial creditors for booking apartments. Based on the corporate debtor's representations, the financial creditors/homebuyers booked residential apartments. Allotment letters were issued on 17.05.2016 and 21.08.2016 to financial creditors No. 1 and No. 2, respectively. Financial creditor No. 1 paid Rs 18,01,017.18 for Unit No. 506, and financial creditor No. 2 paid Rs 2,388,687 for Unit No. 305. Clause 25 of the allotment letter dated 17.05.2016 stipulated possession by December 2018. Upon visiting the site, the financial creditor found only basement structure work
…Ratandeep Infrastructure…
Corporate debtor issued…