The case involves an application filed by Arti Kanoongo and other allottees (financial creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Shrinathji Business Venture Private Limited (corporate debtor). The applicants are allottees of a real estate project named 'Guman Eternity' developed by the respondent. The respondent is a private limited company incorporated on 03.12.2011. The respondent started a group housing project which is not registered with RERA. The allottees claim that the corporate debtor owes them a total of Rs. 3,95,00,000/- against the purchase of flats, and the total amount claimed with interest is Rs. 5,40,04,400/-. The financial creditors had entered into a
…Arti Kanoongo and others, acting as financial creditors (allottees), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shrinathji Business Venture Private Limited, the corporate debtor, due to a default in repayment. The applicants are allottees of the 'Guman Eternity' real estate project developed by the respondent, which is not registered with the Rajasthan Real Estate Regulatory Authority (RERA). The corporate debtor was incorporated on 03.12.2011. The total amount due to the allottees is Rs. 3,95,00,000/-, with a claimed amount of Rs. 5,40,04,400/- including interest at 18% per annum for the period 01.10.2018 to 15.10.2020. The financial creditors had entered into a
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Shrinathji Business…
Corporate Debtor agreed to return advances…
The case involves an application filed by Arti Kanoongo and other allottees (financial creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Shrinathji Business Venture Private Limited (corporate debtor). The applicants are allottees of a real estate project named 'Guman Eternity' developed by the respondent. The respondent is a private limited company incorporated on 03.12.2011. The respondent started a group housing project which is not registered with RERA. The allottees claim that the corporate debtor owes them a total of Rs. 3,95,00,000/- against the purchase of flats, and the total amount claimed with interest is Rs. 5,40,04,400/-. The financial creditors had entered into a
…Arti Kanoongo and others, acting as financial creditors (allottees), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shrinathji Business Venture Private Limited, the corporate debtor, due to a default in repayment. The applicants are allottees of the 'Guman Eternity' real estate project developed by the respondent, which is not registered with the Rajasthan Real Estate Regulatory Authority (RERA). The corporate debtor was incorporated on 03.12.2011. The total amount due to the allottees is Rs. 3,95,00,000/-, with a claimed amount of Rs. 5,40,04,400/- including interest at 18% per annum for the period 01.10.2018 to 15.10.2020. The financial creditors had entered into a
…Shrinathji Business…
Corporate Debtor agreed to return advances…