The petitioners, Shailesh Kant Sharma and Gorav Sharma, filed a petition under Section 7 of the IBC, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Samiah International Builders Ltd. The petitioners claimed to be aggrieved by the respondent's inability to return their investment. The Corporate Debtor had entered into a partnership agreement with Arcmate Housing Solutions Pvt. Ltd. to form a joint venture under the name Arcmate Samiah Consortium, for developing real estate. The consortium entered into a development agreement with Green View II Sahkari Avas Samiti Ltd. for developing a Group Housing Project. Investors were invited to book flats with assured returns. The petitioners invested and made payments to the consortium.
Shailesh Kant Sharma and Gorav Sharma, the petitioners, invested in a residential unit under a scheme offered by Samiah International Builders Ltd. (Corporate Debtor). The Corporate Debtor entered into a partnership with Arcmate Housing Solutions Pvt. Ltd. to form Arcmate Samiah Consortium for real estate development. The petitioners were lured by advertisements promising assured returns on their investment. They paid Rs. 2,22,664/- initially and later Rs. 19,97,750/- plus Rs. 69,921/- as service tax. A Memorandum of Understanding (MoU) was executed, and a flat was allotted to them. The Corporate Debtor, through its Director Vipin Bali, agreed to pay assured returns of 17.1% per annum for 18 months (Rs. 28,458/- pm inclusive of TDS). A lock-in period prevented
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The petitioners, Shailesh Kant Sharma and Gorav Sharma, filed a petition under Section 7 of the IBC, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Samiah International Builders Ltd. The petitioners claimed to be aggrieved by the respondent's inability to return their investment. The Corporate Debtor had entered into a partnership agreement with Arcmate Housing Solutions Pvt. Ltd. to form a joint venture under the name Arcmate Samiah Consortium, for developing real estate. The consortium entered into a development agreement with Green View II Sahkari Avas Samiti Ltd. for developing a Group Housing Project. Investors were invited to book flats with assured returns. The petitioners invested and made payments to the consortium.
Shailesh Kant Sharma and Gorav Sharma, the petitioners, invested in a residential unit under a scheme offered by Samiah International Builders Ltd. (Corporate Debtor). The Corporate Debtor entered into a partnership with Arcmate Housing Solutions Pvt. Ltd. to form Arcmate Samiah Consortium for real estate development. The petitioners were lured by advertisements promising assured returns on their investment. They paid Rs. 2,22,664/- initially and later Rs. 19,97,750/- plus Rs. 69,921/- as service tax. A Memorandum of Understanding (MoU) was executed, and a flat was allotted to them. The Corporate Debtor, through its Director Vipin Bali, agreed to pay assured returns of 17.1% per annum for 18 months (Rs. 28,458/- pm inclusive of TDS). A lock-in period prevented
…Petitioners tendered…
Petitioners made…