The case involves a petition filed by a Financial Creditor, Pallavi Joshi Bakhru, against Universal Buildwell Pvt. Ltd., the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to unpaid financial claims. The Financial Creditor had booked two residential apartments in a project developed by the Corporate Debtor, making a payment of Rs. 90,00,000, which was acknowledged. Allotment letters were issued in April 2014. Due to construction delays, the Corporate Debtor agreed to repay Rs. 98,00,000. Two cheques were issued but the Corporate Debtor requested the applicant to withhold presenting them until June 2017 due to financial constraints. The cheques were dishonored on 28.06.2017, leading to proceedings under Section 138 of the
…Pallavi Joshi Bakhru, the Financial Creditor, booked two residential apartments in a project by Universal Buildwell Pvt. Ltd., the Corporate Debtor, and paid Rs. 90,00,000. Allotment letters were issued on 2014-04-02. A builder buyer's agreement was executed on 2014-04-03. Due to construction delays, the Corporate Debtor agreed to repay Rs. 98,00,000. Two cheques were issued but the Corporate Debtor requested the applicant to withhold presenting them until June 2017 due to financial constraints. The cheques were dishonored on 2017-06-28, leading to proceedings under Section 138 of the Negotiable Instruments Act. The Financial Creditor then filed a petition under Section 7 of the IBC to initiate CIRP. The Corporate Debtor argued that the transaction was a commercial one
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Corporate Debtor issued…
A builder buyer's…
The case involves a petition filed by a Financial Creditor, Pallavi Joshi Bakhru, against Universal Buildwell Pvt. Ltd., the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to unpaid financial claims. The Financial Creditor had booked two residential apartments in a project developed by the Corporate Debtor, making a payment of Rs. 90,00,000, which was acknowledged. Allotment letters were issued in April 2014. Due to construction delays, the Corporate Debtor agreed to repay Rs. 98,00,000. Two cheques were issued but the Corporate Debtor requested the applicant to withhold presenting them until June 2017 due to financial constraints. The cheques were dishonored on 28.06.2017, leading to proceedings under Section 138 of the
…Pallavi Joshi Bakhru, the Financial Creditor, booked two residential apartments in a project by Universal Buildwell Pvt. Ltd., the Corporate Debtor, and paid Rs. 90,00,000. Allotment letters were issued on 2014-04-02. A builder buyer's agreement was executed on 2014-04-03. Due to construction delays, the Corporate Debtor agreed to repay Rs. 98,00,000. Two cheques were issued but the Corporate Debtor requested the applicant to withhold presenting them until June 2017 due to financial constraints. The cheques were dishonored on 2017-06-28, leading to proceedings under Section 138 of the Negotiable Instruments Act. The Financial Creditor then filed a petition under Section 7 of the IBC to initiate CIRP. The Corporate Debtor argued that the transaction was a commercial one
…Corporate Debtor issued…
A builder buyer's…