Sampark Land Developers Private Limited, along with its two group companies, launched a real estate project called 'Baruipur Bloomfield' in February 2011. Plot buyers made payments to the Corporate Applicant, who then distributed sums to the group companies. Internal problems arose when directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. The Corporate Applicant faced financial challenges and took loans from financial creditors, but could not complete the project. A Board Meeting was held on May 26, 2020, followed by an Extra-Ordinary General Meeting on June 18, 2020, where a Special Resolution was passed to file an application under Section 10 of the Insolvency and
…Sampark Land Developers Private Limited (Corporate Applicant) launched a real estate project 'Baruipur Bloomfield' in February 2011 with two group companies. Plot buyers paid ₹36,67,00,275 to the Corporate Applicant, who distributed ₹13,40,26,588 to Sampark Land and Builders Private Limited and ₹49,00,91,816 to Suryodaya Realtors Private Limited. Two directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds of ₹14,25,81,871. The Corporate Applicant took loans of ₹35,00,000 from Greenland Project and ₹15,00,000 from Toddlen Fashions Private Limited. The company purchased 146 bighas of land, with 120 registered and 26 unregistered. A sum of ₹50 lakh is due to financial creditors. The
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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' in February 2011. Plot buyers made payments to the Corporate Applicant, who then distributed sums to the group companies. Internal problems arose when directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. The Corporate Applicant faced financial challenges and took loans from financial creditors, but could not complete the project. A Board Meeting was held on May 26, 2020, followed by an Extra-Ordinary General Meeting on June 18, 2020, where a Special Resolution was passed to file an application under Section 10 of the Insolvency and
…Sampark Land Developers Private Limited (Corporate Applicant) launched a real estate project 'Baruipur Bloomfield' in February 2011 with two group companies. Plot buyers paid ₹36,67,00,275 to the Corporate Applicant, who distributed ₹13,40,26,588 to Sampark Land and Builders Private Limited and ₹49,00,91,816 to Suryodaya Realtors Private Limited. Two directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds of ₹14,25,81,871. The Corporate Applicant took loans of ₹35,00,000 from Greenland Project and ₹15,00,000 from Toddlen Fashions Private Limited. The company purchased 146 bighas of land, with 120 registered and 26 unregistered. A sum of ₹50 lakh is due to financial creditors. The
…The Corporate Applicant…
The Corporate Applicant and its group…