The case involves an application 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 Mr. Rakesh P. Sheth, the Financial Creditor, against M/s. Sabari Realtors Private Limited, the Corporate Debtor. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor and Corporate Debtor had entered into an Agreement of Sale on 2010-10-25 for purchase of a flat. The Corporate Debtor failed to complete the construction as per the agreement, leading to disputes and the Financial Creditor seeking a refund.
On 2010-10-25, the Financial Creditor (Mr. Rakesh P. Sheth) and the Corporate Debtor (M/s. Sabari Realtors Private Limited) entered into an Agreement of Sale for Flat No. 904 in Tower Ashoka, a complex belonging to the Corporate Debtor. The agreement stipulated a three-month period for the execution of UDS in favor of the Financial Creditor. The Construction Agreement, also dated 2010-10-25, specified a 24-month completion period with a 3-month grace period. The Financial Creditor made a payment of Rs. 13,90,100 to the Corporate Debtor on 2011-07-02. The construction progressed slowly, not meeting the agreed timelines. On 2012-03-17, the Financial Creditor sent a letter to the Corporate Debtor to cancel the flat and requested a refund. The Corporate Debtor, on
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Financial Creditor and…
Financial Creditor made…
The case involves an application 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 Mr. Rakesh P. Sheth, the Financial Creditor, against M/s. Sabari Realtors Private Limited, the Corporate Debtor. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor and Corporate Debtor had entered into an Agreement of Sale on 2010-10-25 for purchase of a flat. The Corporate Debtor failed to complete the construction as per the agreement, leading to disputes and the Financial Creditor seeking a refund.
On 2010-10-25, the Financial Creditor (Mr. Rakesh P. Sheth) and the Corporate Debtor (M/s. Sabari Realtors Private Limited) entered into an Agreement of Sale for Flat No. 904 in Tower Ashoka, a complex belonging to the Corporate Debtor. The agreement stipulated a three-month period for the execution of UDS in favor of the Financial Creditor. The Construction Agreement, also dated 2010-10-25, specified a 24-month completion period with a 3-month grace period. The Financial Creditor made a payment of Rs. 13,90,100 to the Corporate Debtor on 2011-07-02. The construction progressed slowly, not meeting the agreed timelines. On 2012-03-17, the Financial Creditor sent a letter to the Corporate Debtor to cancel the flat and requested a refund. The Corporate Debtor, on
…Financial Creditor and…
Financial Creditor made…