S. Sivakumar, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Lokaa Housing Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The claim arises from an agreement where Sivakumar invested in a project by Lokaa Developers Private Limited, an associate of Lokaa Housing, with a buyback arrangement. Upon project delays, a Memorandum of Agreement was executed with Lokaa Housing, acknowledging the debt.
S. Sivakumar invested Rs. 14,00,00,000/- in a project by Lokaa Developers Private Limited, an associate of Lokaa Housing Private Limited, under an agreement dated 11.05.2018.
The agreement included a buyback clause assuring a consideration of Rs. 25,00,00,000/- by 31.05.2021.
The project was not completed within the stipulated time, and the applicant exercised the buyback option.
A Memorandum of Agreement was executed on 21.08.2022 between the applicant and Lokaa Housing Private Limited, acknowledging a debt of Rs. 25,00,00,000/- with interest.
The Corporate Debtor issued post-dated cheques, including one dated 04.03.2024 for Rs. 2,00,00,000/-, which were dishonored.
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Agreement between S. Sivakumar and Lokaa…
Stipulated completion…
S. Sivakumar, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Lokaa Housing Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The claim arises from an agreement where Sivakumar invested in a project by Lokaa Developers Private Limited, an associate of Lokaa Housing, with a buyback arrangement. Upon project delays, a Memorandum of Agreement was executed with Lokaa Housing, acknowledging the debt.
S. Sivakumar invested Rs. 14,00,00,000/- in a project by Lokaa Developers Private Limited, an associate of Lokaa Housing Private Limited, under an agreement dated 11.05.2018.
The agreement included a buyback clause assuring a consideration of Rs. 25,00,00,000/- by 31.05.2021.
The project was not completed within the stipulated time, and the applicant exercised the buyback option.
A Memorandum of Agreement was executed on 21.08.2022 between the applicant and Lokaa Housing Private Limited, acknowledging a debt of Rs. 25,00,00,000/- with interest.
The Corporate Debtor issued post-dated cheques, including one dated 04.03.2024 for Rs. 2,00,00,000/-, which were dishonored.
…Agreement between S. Sivakumar and Lokaa…
Stipulated completion…