The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by three financial creditors (Mrs. Sarika Somvanshi, Mrs. Rekha Chauhan, and Mr. Dhani Ram) against M/s R. S. Stones Private Limited, the corporate debtor. The financial creditors sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to provide possession of flats they had booked and paid for under the 'Fort View Residency' project. The creditors had entered into agreements to sell with the corporate debtor in 2015 and made payments, partly from their savings and partly through loan facilities. The corporate debtor failed to complete construction within the agreed timeframe, leading to the application for CIRP.
Mrs. Sarika Somvanshi, Mrs. Rekha Chauhan, and Mr. Dhani Ram, the applicants, are financial creditors who jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s R. S. Stones Private Limited, the corporate debtor. The applicants had entered into agreements to sell with the corporate debtor for purchasing flats in the 'Fort View Residency' project. Each applicant made payments towards the purchase of their respective flats, partly from their own savings and partly through loan facilities. The agreements stipulated a construction period of 24 months with a 6-month grace period, which expired on 21.02.2018. The corporate debtor failed to provide possession of the flats within the agreed timeframe. The applicants claimed that
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by three financial creditors (Mrs. Sarika Somvanshi, Mrs. Rekha Chauhan, and Mr. Dhani Ram) against M/s R. S. Stones Private Limited, the corporate debtor. The financial creditors sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to provide possession of flats they had booked and paid for under the 'Fort View Residency' project. The creditors had entered into agreements to sell with the corporate debtor in 2015 and made payments, partly from their savings and partly through loan facilities. The corporate debtor failed to complete construction within the agreed timeframe, leading to the application for CIRP.
Mrs. Sarika Somvanshi, Mrs. Rekha Chauhan, and Mr. Dhani Ram, the applicants, are financial creditors who jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s R. S. Stones Private Limited, the corporate debtor. The applicants had entered into agreements to sell with the corporate debtor for purchasing flats in the 'Fort View Residency' project. Each applicant made payments towards the purchase of their respective flats, partly from their own savings and partly through loan facilities. The agreements stipulated a construction period of 24 months with a 6-month grace period, which expired on 21.02.2018. The corporate debtor failed to provide possession of the flats within the agreed timeframe. The applicants claimed that
…Dhani Ram entered into…
Rekha Chauhan entered…