Abhigyan Developers Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Ltd. The case originates from an agreement where Abhigyan Developers paid Rs. 3,50,00,000/- to Shreepati Build Infra Investment for the purchase of a flat in "Shreepati Estates." Due to a lack of necessary permissions and approvals, the construction did not commence. Subsequently, the amount was converted into a loan to be repaid with agreed interest. Despite multiple letters from Shreepati Build Infra Investment acknowledging the debt and promising repayment with interest, the amount remained unpaid, leading to the initiation of CIRP.
Abhigyan Developers Pvt. Ltd. (Financial Creditor/Applicant) entered into an agreement with Shreepati Build Infra Investment Ltd. (Corporate Debtor/Respondent) for the purchase of a flat in "Shreepati Estates" after paying Rs. 3,50,00,000/-. Due to a lack of necessary permissions, the construction did not commence. The amount was subsequently converted into a loan account by the Corporate Debtor, to be repaid with agreed interest. The payment breakup was as follows: Rs. 1,00,00,000/- on 21.08.2009, Rs. 50,00,000/- on 04.11.2009, Rs. 50,00,000/- on 04.12.2009, and Rs. 1,50,00,000/- on 04.02.2010. An agreement dated 15.02.2011 was made for the purchase of flats No. 4201 and 4202. On 01.04.2012, the Respondent issued a letter confirming the receipt of Rs.
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Payment of Rs. 1,00,00,000/- (One crore) by…
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Abhigyan Developers Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Ltd. The case originates from an agreement where Abhigyan Developers paid Rs. 3,50,00,000/- to Shreepati Build Infra Investment for the purchase of a flat in "Shreepati Estates." Due to a lack of necessary permissions and approvals, the construction did not commence. Subsequently, the amount was converted into a loan to be repaid with agreed interest. Despite multiple letters from Shreepati Build Infra Investment acknowledging the debt and promising repayment with interest, the amount remained unpaid, leading to the initiation of CIRP.
Abhigyan Developers Pvt. Ltd. (Financial Creditor/Applicant) entered into an agreement with Shreepati Build Infra Investment Ltd. (Corporate Debtor/Respondent) for the purchase of a flat in "Shreepati Estates" after paying Rs. 3,50,00,000/-. Due to a lack of necessary permissions, the construction did not commence. The amount was subsequently converted into a loan account by the Corporate Debtor, to be repaid with agreed interest. The payment breakup was as follows: Rs. 1,00,00,000/- on 21.08.2009, Rs. 50,00,000/- on 04.11.2009, Rs. 50,00,000/- on 04.12.2009, and Rs. 1,50,00,000/- on 04.02.2010. An agreement dated 15.02.2011 was made for the purchase of flats No. 4201 and 4202. On 01.04.2012, the Respondent issued a letter confirming the receipt of Rs.
…Payment of Rs. 1,00,00,000/- (One crore) by…
Payment of Rs. 50,00,000/- (Fifty Lakhs) by…