The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Akshay Kr. Soni (Financial Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Value Infraestate India Pvt Ltd. (Corporate Debtor). The Financial Creditor claimed default on a debt related to the purchase of three flats in a group housing project. The Corporate Debtor failed to make payments despite repeated demands, and post-dated cheques issued for the repayment were dishonored due to 'Account closed'. The Greater Noida Authority cancelled the land allotment for the project due to non-payment of dues and other defaults.
Akshay Kr. Soni (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Value Infraestate India Pvt Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process. The Financial Creditor had agreed to purchase three flats in the 'SKY WALKS GNW' project developed by the Corporate Debtor and paid Rs. 50,00,000 in installments. An Allotment Letter was issued, and an Agreement to Sell was executed on 02.02.2015. The Corporate Debtor issued post-dated cheques totaling Rs. 1,30,00,000 (Rs.40,00,000 dated 02.06.2015, Rs.40,00,000 dated 02.10.2015, and Rs. 50,00,000 dated 02.10.2015) for repurchase of the flats, but these cheques were dishonored due to 'Account closed'. The total debt including principal
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Akshay Kr. Soni (Financial Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Value Infraestate India Pvt Ltd. (Corporate Debtor). The Financial Creditor claimed default on a debt related to the purchase of three flats in a group housing project. The Corporate Debtor failed to make payments despite repeated demands, and post-dated cheques issued for the repayment were dishonored due to 'Account closed'. The Greater Noida Authority cancelled the land allotment for the project due to non-payment of dues and other defaults.
Akshay Kr. Soni (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Value Infraestate India Pvt Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process. The Financial Creditor had agreed to purchase three flats in the 'SKY WALKS GNW' project developed by the Corporate Debtor and paid Rs. 50,00,000 in installments. An Allotment Letter was issued, and an Agreement to Sell was executed on 02.02.2015. The Corporate Debtor issued post-dated cheques totaling Rs. 1,30,00,000 (Rs.40,00,000 dated 02.06.2015, Rs.40,00,000 dated 02.10.2015, and Rs. 50,00,000 dated 02.10.2015) for repurchase of the flats, but these cheques were dishonored due to 'Account closed'. The total debt including principal
…Checklist issued for…
Lease deed exec…