An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by 22 allottees (home buyers) as financial creditors against M/s NHA Infrabuild Private Limited, alleging default in handing over possession of flats and non-completion of the project. The corporate debtor filed an Interlocutory Application (IA) seeking dismissal of the Section 7 application, arguing that the financial creditors did not meet the mandatory threshold of allottees, had already withdrawn from the project, received refunds, and were engaged in forum shopping and fraudulent activities. The financial creditors countered these arguments by citing various Supreme Court and NCLAT judgments, asserting that the corporate debtor's IA was not maintainable because the corporate
…The application was filed on January 19, 2024, by 22 allottees, acting as applicant financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed against M/s NHA Infrabuild Private Limited, referred to as the respondent corporate debtor. The application, in Form 1, detailed a default in respect of a total financial debt of Rs. 14,57,41,930.00, which includes Rs. 5,71,35,420.00 towards interest at 8% payable by the corporate debtor as of March 31, 2023. This debt pertains to 34 units of flats allotted to the 22 financial creditors.
…Maa Mansa Devi Shahkari Awas Samiti Ltd Agra, a…
The Agra Development Authority approved the plan…
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An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by 22 allottees (home buyers) as financial creditors against M/s NHA Infrabuild Private Limited, alleging default in handing over possession of flats and non-completion of the project. The corporate debtor filed an Interlocutory Application (IA) seeking dismissal of the Section 7 application, arguing that the financial creditors did not meet the mandatory threshold of allottees, had already withdrawn from the project, received refunds, and were engaged in forum shopping and fraudulent activities. The financial creditors countered these arguments by citing various Supreme Court and NCLAT judgments, asserting that the corporate debtor's IA was not maintainable because the corporate
…The application was filed on January 19, 2024, by 22 allottees, acting as applicant financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed against M/s NHA Infrabuild Private Limited, referred to as the respondent corporate debtor. The application, in Form 1, detailed a default in respect of a total financial debt of Rs. 14,57,41,930.00, which includes Rs. 5,71,35,420.00 towards interest at 8% payable by the corporate debtor as of March 31, 2023. This debt pertains to 34 units of flats allotted to the 22 financial creditors.
…Maa Mansa Devi Shahkari Awas Samiti Ltd Agra, a…
The Agra Development Authority approved the plan…
Sign in to view related legal provisions.