The case involves an application filed by three financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against SMD Infra Ventures Pvt. Ltd. The petitioners invested in schemes of the respondent, expecting allotment of land within 250 days, which did not occur. The corporate debtor promised to pay the invested money with interest after one year if the plot was not allotted. The petitioners claim default in payment of the maturity amount.
Daljit Singh, Sachin Singh, and Jiwan Sharma, the petitioners, invested in schemes offered by SMD Infra Ventures Pvt. Ltd., the respondent. The schemes promised allotment of land within 250 days. If the land was not allotted, the invested money along with interest, termed as 'Projected Value', would be paid after one year. The petitioners invested a total of ₹11,10,000 based on representations and brochures of the respondent. The respondent failed to allot any plot within the stipulated 250 days. After the expiry of one year, the maturity amount (Projected Value) was not paid to the petitioners. The Receipt-cum-Acceptance Letters issued by the respondent to its investors, including the petitioners, served as the investment instrument. The dates of default are given in
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SMD Infra Ventu…
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The case involves an application filed by three financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against SMD Infra Ventures Pvt. Ltd. The petitioners invested in schemes of the respondent, expecting allotment of land within 250 days, which did not occur. The corporate debtor promised to pay the invested money with interest after one year if the plot was not allotted. The petitioners claim default in payment of the maturity amount.
Daljit Singh, Sachin Singh, and Jiwan Sharma, the petitioners, invested in schemes offered by SMD Infra Ventures Pvt. Ltd., the respondent. The schemes promised allotment of land within 250 days. If the land was not allotted, the invested money along with interest, termed as 'Projected Value', would be paid after one year. The petitioners invested a total of ₹11,10,000 based on representations and brochures of the respondent. The respondent failed to allot any plot within the stipulated 250 days. After the expiry of one year, the maturity amount (Projected Value) was not paid to the petitioners. The Receipt-cum-Acceptance Letters issued by the respondent to its investors, including the petitioners, served as the investment instrument. The dates of default are given in
…SMD Infra Ventu…
Respondent issued…