Gateway Welfare Society, a Residents Welfare Association, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sand Dune Constructions Private Limited. The Applicant, acting on behalf of the residents of the 'SDC Gateway' housing complex, alleged a default by the Corporate Debtor in the non-payment of a Maintenance Security Deposit amounting to Rs. 3,10,52,200/-. This deposit was collected from flat owners as per Clause 6 of their Flat Buyer's Agreements, at a rate of Rs. 200 per square foot of the super area of each flat. The Corporate Debtor had acknowledged this deposit and had been paying interest at 10% per annum, deducting TDS, which was reflected in the

Gateway Welfare Society, a Residents Welfare Association, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sand Dune Constructions Private Limited. The Applicant, acting on behalf of the residents of the 'SDC Gateway' housing complex, alleged a default by the Corporate Debtor in the non-payment of a Maintenance Security Deposit amounting to Rs. 3,10,52,200/-. This deposit was collected from flat owners as per Clause 6 of their Flat Buyer's Agreements, at a rate of Rs. 200 per square foot of the super area of each flat. The Corporate Debtor had acknowledged this deposit and had been paying interest at 10% per annum, deducting TDS, which was reflected in the