Ashimara Housing Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrus Homes Private Limited, the corporate debtor. The dispute arose from an agreement where Ashimara was to provide accommodation to students in hostels run at a property owned by Vibrus and Juvello Homes Private Limited. Ashimara paid an advance license fee of INR 32,43,000 to Vibrus, but later withdrew from the project due to delays and requested a refund, which was not provided.
Ashimara Housing Private Limited (Operational Creditor) and Vibrus Homes Private Limited (Corporate Debtor) entered into discussions for Ashimara to run a long-stay residential accommodation at a property owned jointly by Vibrus and Juvello Homes Private Limited. An email dated 2019-04-29 outlined the terms, including a monthly license fee of INR 15,98,000 for 136 beds, effective from 2019-07-15. Ashimara paid INR 32,43,000 to Vibrus as an advance license fee via cheque no. 001431 dated 2019-05-27, which was cleared on 2019-05-28. Ashimara also issued a cheque for INR 63,45,000 to Juvello, but later stopped payment due to delays in handover. On 2019-07-14, Ashimara informed Vibrus of its withdrawal from the project and requested a refund. A demand notice was issued to
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Terms agreed upon via…
Cheque no. 001431 dated 27.05.2019 in favor…
Ashimara Housing Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrus Homes Private Limited, the corporate debtor. The dispute arose from an agreement where Ashimara was to provide accommodation to students in hostels run at a property owned by Vibrus and Juvello Homes Private Limited. Ashimara paid an advance license fee of INR 32,43,000 to Vibrus, but later withdrew from the project due to delays and requested a refund, which was not provided.
Ashimara Housing Private Limited (Operational Creditor) and Vibrus Homes Private Limited (Corporate Debtor) entered into discussions for Ashimara to run a long-stay residential accommodation at a property owned jointly by Vibrus and Juvello Homes Private Limited. An email dated 2019-04-29 outlined the terms, including a monthly license fee of INR 15,98,000 for 136 beds, effective from 2019-07-15. Ashimara paid INR 32,43,000 to Vibrus as an advance license fee via cheque no. 001431 dated 2019-05-27, which was cleared on 2019-05-28. Ashimara also issued a cheque for INR 63,45,000 to Juvello, but later stopped payment due to delays in handover. On 2019-07-14, Ashimara informed Vibrus of its withdrawal from the project and requested a refund. A demand notice was issued to
…Terms agreed upon via…
Cheque no. 001431 dated 27.05.2019 in favor…