The application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by the Financial Creditors (home buyers) to trigger Corporate Insolvency Resolution Process in respect of M/s Today Homes Noida Private Limited. The Corporate Debtor was incorporated on 11.09.2009. The financial creditors entered into a Flat Buyers Agreement dated 29.03.2012 with the corporate debtor and had paid almost 90% of the purchase value of the flats. The Corporate Debtor was obliged to deliver possession within 30 months with a grace period of 120 days, failing which compensation was to be paid. The Financial Creditors submitted that the possession had to be handed over
…The Financial Creditors, who are also home buyers, entered into a Flat Buyers Agreement with Today Homes Noida India Limited (Corporate Debtor) on 29.03.2012 for the Ridge Residency housing project in Sector 135, Noida. They paid almost 90% of the purchase value of the flats, amounting to Rs. 4,18,23,303/-. As per the agreement, the Corporate Debtor was obliged to deliver possession within 30 months with a grace period of 120 days. The possession was to be handed over latest by the year 2016. The Corporate Debtor failed to deliver possession of the flats and did not refund the amount paid by the Financial Creditors. The Financial Creditors repeatedly requested the Corporate Debtor to deliver possession, but the Corporate Debtor failed to do so. The Corporate Debtor
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M/s Today Homes Noida…
Financial creditors…
The application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by the Financial Creditors (home buyers) to trigger Corporate Insolvency Resolution Process in respect of M/s Today Homes Noida Private Limited. The Corporate Debtor was incorporated on 11.09.2009. The financial creditors entered into a Flat Buyers Agreement dated 29.03.2012 with the corporate debtor and had paid almost 90% of the purchase value of the flats. The Corporate Debtor was obliged to deliver possession within 30 months with a grace period of 120 days, failing which compensation was to be paid. The Financial Creditors submitted that the possession had to be handed over
…The Financial Creditors, who are also home buyers, entered into a Flat Buyers Agreement with Today Homes Noida India Limited (Corporate Debtor) on 29.03.2012 for the Ridge Residency housing project in Sector 135, Noida. They paid almost 90% of the purchase value of the flats, amounting to Rs. 4,18,23,303/-. As per the agreement, the Corporate Debtor was obliged to deliver possession within 30 months with a grace period of 120 days. The possession was to be handed over latest by the year 2016. The Corporate Debtor failed to deliver possession of the flats and did not refund the amount paid by the Financial Creditors. The Financial Creditors repeatedly requested the Corporate Debtor to deliver possession, but the Corporate Debtor failed to do so. The Corporate Debtor
…M/s Today Homes Noida…
Financial creditors…