The Petitioner, Abhishek Jana, claiming to be a 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Skytech Constructions Private Limited, the 'Corporate Debtor'. The petitioner, an allottee of a real estate project, booked a unit in the project 'Skytech-Merion Residency -II'. A tripartite agreement was executed between the petitioner, the Corporate Debtor, and Axis Bank concerning a housing loan facility. The petitioner terminated the agreement due to delays in handing over possession and sought a refund. The Corporate Debtor resisted the petition, arguing the absence of privity of contract due to the petitioner's cancellation of the flat booking. Axis Bank
…Abhishek Jana, the petitioner, booked a flat in Skytech Constructions Private Limited's project 'Skytech-Merion Residency -II'. He availed a housing loan from Axis Bank, leading to a tripartite agreement. The petitioner paid Rs. 44,76,295/- towards the principal amount. Due to delays in handing over possession, the petitioner terminated the agreement on 17.05.2019 and sought a refund. The petitioner had earlier cancelled the booking on 27.09.2011. Axis Bank, due to the petitioner's default in EMI payments, requested Skytech Constructions to cancel the allotment and refund the outstanding loan amount of Rs. 3529702/-. The petitioner claimed a default of Rs. 52,86,038/- inclusive of interest as of 29.05.2019. The project was completed, and possession was offered to
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A tripartite agreement was executed between…
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The Petitioner, Abhishek Jana, claiming to be a 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Skytech Constructions Private Limited, the 'Corporate Debtor'. The petitioner, an allottee of a real estate project, booked a unit in the project 'Skytech-Merion Residency -II'. A tripartite agreement was executed between the petitioner, the Corporate Debtor, and Axis Bank concerning a housing loan facility. The petitioner terminated the agreement due to delays in handing over possession and sought a refund. The Corporate Debtor resisted the petition, arguing the absence of privity of contract due to the petitioner's cancellation of the flat booking. Axis Bank
…Abhishek Jana, the petitioner, booked a flat in Skytech Constructions Private Limited's project 'Skytech-Merion Residency -II'. He availed a housing loan from Axis Bank, leading to a tripartite agreement. The petitioner paid Rs. 44,76,295/- towards the principal amount. Due to delays in handing over possession, the petitioner terminated the agreement on 17.05.2019 and sought a refund. The petitioner had earlier cancelled the booking on 27.09.2011. Axis Bank, due to the petitioner's default in EMI payments, requested Skytech Constructions to cancel the allotment and refund the outstanding loan amount of Rs. 3529702/-. The petitioner claimed a default of Rs. 52,86,038/- inclusive of interest as of 29.05.2019. The project was completed, and possession was offered to
…A tripartite agreement was executed between…
The petitioner…