The case involves a Company Petition (IB)-324(MB)/2023 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Abhishek Ranganathan and other homebuyers/financial creditors against M/s. Acme Realties Private Limited, the corporate debtor, due to defaults in handing over possession of flats/apartments in the real estate project "Boulevard Tower 4" and "Boulevard Tower 5". The project is located on land owned by MHADA, which had initially constructed chawls on the land and later allowed for redevelopment. The Apex Society, representing the chawl occupants, appointed JPL for redevelopment, followed by a joint venture agreement involving JPL, Keemaya Developers, and the Corporate Debtor. The Corporate Debtor was responsible for construction
…MHADA owned a land of 40,429.64 sq meters in Village Majas. In 1980, MHADA constructed 88 chawls on the land, allotting 655 tenements. The occupants formed the Majaswadi Sarvodayanagar Sahakari Grihnirman Sanstha Society, later renamed Majaswadi Sarvodayanagar Co-operative Housing Society Limited (Apex Society). In 2008, the society decided to redevelop the property. They invited bids and appointed J.P. Infra (Mumbai) Pvt. Ltd. (JPL). Two Development Agreements were signed in 2009, granting development rights to JPL. In 2010, the Apex Society consented to a joint venture agreement between JPL, Keemaya Developers, and Acme Realties Pvt. Ltd. (Corporate Debtor). MHADA and the Apex Society entered into a lease agreement in 2010, and a Deed of Sale in 2011. The Corporate
…Sign in to view the parties.
MHADA constructed 88…
The Apex Society…
The case involves a Company Petition (IB)-324(MB)/2023 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Abhishek Ranganathan and other homebuyers/financial creditors against M/s. Acme Realties Private Limited, the corporate debtor, due to defaults in handing over possession of flats/apartments in the real estate project "Boulevard Tower 4" and "Boulevard Tower 5". The project is located on land owned by MHADA, which had initially constructed chawls on the land and later allowed for redevelopment. The Apex Society, representing the chawl occupants, appointed JPL for redevelopment, followed by a joint venture agreement involving JPL, Keemaya Developers, and the Corporate Debtor. The Corporate Debtor was responsible for construction
…MHADA owned a land of 40,429.64 sq meters in Village Majas. In 1980, MHADA constructed 88 chawls on the land, allotting 655 tenements. The occupants formed the Majaswadi Sarvodayanagar Sahakari Grihnirman Sanstha Society, later renamed Majaswadi Sarvodayanagar Co-operative Housing Society Limited (Apex Society). In 2008, the society decided to redevelop the property. They invited bids and appointed J.P. Infra (Mumbai) Pvt. Ltd. (JPL). Two Development Agreements were signed in 2009, granting development rights to JPL. In 2010, the Apex Society consented to a joint venture agreement between JPL, Keemaya Developers, and Acme Realties Pvt. Ltd. (Corporate Debtor). MHADA and the Apex Society entered into a lease agreement in 2010, and a Deed of Sale in 2011. The Corporate
…MHADA constructed 88…
The Apex Society…