Sampark Land Developers Private Limited, along with its two group companies, launched a real estate project called 'Baruipur Bloomfield'. The project faced internal issues, including the resignation of key directors, leading to delays and financial challenges. Plot holders withheld payments, and the company defaulted on loan payments to financial creditors. The Corporate Applicant then filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
Sampark Land Developers Private Limited, along with its group companies, launched a real estate project named 'Baruipur Bloomfield' in February 2011. Plot buyers made payments to the Corporate Applicant, who then distributed funds to its group companies. Internal issues arose when two directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. The Corporate Applicant faced financial challenges, taking loans from Greenland Project and Toddlen Fashions Private Limited. The company purchased 146 bighas of land, with 120 bighas registered and advance payment made for the remaining 26 bighas. The Corporate Applicant defaulted on payments to financial creditors and failed to deliver
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The Corporate Applicant…
The Corporate Applicant and its group…
Sampark Land Developers Private Limited, along with its two group companies, launched a real estate project called 'Baruipur Bloomfield'. The project faced internal issues, including the resignation of key directors, leading to delays and financial challenges. Plot holders withheld payments, and the company defaulted on loan payments to financial creditors. The Corporate Applicant then filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
Sampark Land Developers Private Limited, along with its group companies, launched a real estate project named 'Baruipur Bloomfield' in February 2011. Plot buyers made payments to the Corporate Applicant, who then distributed funds to its group companies. Internal issues arose when two directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. The Corporate Applicant faced financial challenges, taking loans from Greenland Project and Toddlen Fashions Private Limited. The company purchased 146 bighas of land, with 120 bighas registered and advance payment made for the remaining 26 bighas. The Corporate Applicant defaulted on payments to financial creditors and failed to deliver
…The Corporate Applicant…
The Corporate Applicant and its group…