The case involves a petition filed by Jakson Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Three C Universal Developers Private Limited, the corporate debtor. Jakson Limited sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Three C Universal Developers Private Limited due to unpaid operational debt. The operational debt arose from agreements where Jakson Limited paid security/performance deposits to Three C Universal Developers Private Limited for identifying real estate development opportunities.
Jakson Limited, the operational creditor, and Three C Universal Developers Private Limited, the corporate debtor, entered into agreements on 03.03.2016 and 12.07.2016. Under these agreements, Jakson Limited was to provide interest-free refundable security/performance deposits to Three C Universal Developers Private Limited, which was obligated to identify suitable real estate development opportunities in the NCR. Jakson Limited paid a total of Rs. 16,99,00,000 as security deposits. Three C Universal Developers Private Limited failed to identify suitable real estate opportunities by 23rd February 2018, leading to an extension of the agreements until 28th February 2019. Three C Universal Developers Private Limited acknowledged the liability of Rs. 16,99,00,000 via an
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Jakson Limited and Three C Universal…
Jakson Limited and Three C Universal…
The case involves a petition filed by Jakson Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Three C Universal Developers Private Limited, the corporate debtor. Jakson Limited sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Three C Universal Developers Private Limited due to unpaid operational debt. The operational debt arose from agreements where Jakson Limited paid security/performance deposits to Three C Universal Developers Private Limited for identifying real estate development opportunities.
Jakson Limited, the operational creditor, and Three C Universal Developers Private Limited, the corporate debtor, entered into agreements on 03.03.2016 and 12.07.2016. Under these agreements, Jakson Limited was to provide interest-free refundable security/performance deposits to Three C Universal Developers Private Limited, which was obligated to identify suitable real estate development opportunities in the NCR. Jakson Limited paid a total of Rs. 16,99,00,000 as security deposits. Three C Universal Developers Private Limited failed to identify suitable real estate opportunities by 23rd February 2018, leading to an extension of the agreements until 28th February 2019. Three C Universal Developers Private Limited acknowledged the liability of Rs. 16,99,00,000 via an
…Jakson Limited and Three C Universal…
Jakson Limited and Three C Universal…