The case involves a company petition filed 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 petitioner, Dr. Rajinder Mohan Bedi & Ors., initiated Corporate Insolvency Resolution Process (CIRP) against the respondent company, M/s U.P Infraestate Private Limited, alleging default on financial debt. The respondent is engaged in the development of Hi-Tech Township in Greater Noida under the project name "Development Area-1". The petitioner had paid Rs. 55,00,000/- to the respondent for booking residential flats, with an assurance of refund after eighteen months along with interest. A buy-back agreement dated 16.12.2014 was executed,
…Dr. Rajinder Mohan Bedi & Ors. (the Petitioner) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s U.P Infraestate Private Limited (the Respondent/Corporate Debtor). The Respondent is engaged in the development of a Hi-Tech Township in Greater Noida. The Petitioner paid Rs. 55,00,000/- to the Respondent for booking residential flats, with a promise of refund after 18 months along with interest. A buy-back agreement dated 16.12.2014 was executed, stating that after 18 months, the Respondent would pay Rs. 55 Lakhs as full and final settlement and issued 18 post-dated cheques for the assured interest. The Petitioner deposited 3 out of 5 un-encashed cheques issued by the Respondent on 31.05.2016, which were returned by the
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M/s U.P Infraestate…
A buy-back agreement…
The case involves a company petition filed 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 petitioner, Dr. Rajinder Mohan Bedi & Ors., initiated Corporate Insolvency Resolution Process (CIRP) against the respondent company, M/s U.P Infraestate Private Limited, alleging default on financial debt. The respondent is engaged in the development of Hi-Tech Township in Greater Noida under the project name "Development Area-1". The petitioner had paid Rs. 55,00,000/- to the respondent for booking residential flats, with an assurance of refund after eighteen months along with interest. A buy-back agreement dated 16.12.2014 was executed,
…Dr. Rajinder Mohan Bedi & Ors. (the Petitioner) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s U.P Infraestate Private Limited (the Respondent/Corporate Debtor). The Respondent is engaged in the development of a Hi-Tech Township in Greater Noida. The Petitioner paid Rs. 55,00,000/- to the Respondent for booking residential flats, with a promise of refund after 18 months along with interest. A buy-back agreement dated 16.12.2014 was executed, stating that after 18 months, the Respondent would pay Rs. 55 Lakhs as full and final settlement and issued 18 post-dated cheques for the assured interest. The Petitioner deposited 3 out of 5 un-encashed cheques issued by the Respondent on 31.05.2016, which were returned by the
…M/s U.P Infraestate…
A buy-back agreement…