The ILD Owners Welfare Association filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ALM Infotech City Private Limited, the Corporate Debtor. The applicant claimed that the corporate debtor collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre and failed to hand over the amount to the applicant as per the conveyance deed. The applicant contended that this unpaid maintenance deposit constitutes a financial debt.
The ILD Owners Welfare Association filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. ALM Infotech City Private Limited. The applicant claimed that the corporate debtor collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre. The applicant alleged that the corporate debtor failed to hand over the said amount to the applicant/Financial Creditor (RWA) as per the Conveyance Deed, despite repeated requests. The applicant argued that the interest-free maintenance deposit is in the nature of financial debt. The corporate debtor collected the maintenance deposit from the owners of the apartments in the project. The conveyance deed, dated 09.12.2015, stipulated that
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A Conveyance Deed was…
The Adjudicating Authority directed the Ld.…
The ILD Owners Welfare Association filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ALM Infotech City Private Limited, the Corporate Debtor. The applicant claimed that the corporate debtor collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre and failed to hand over the amount to the applicant as per the conveyance deed. The applicant contended that this unpaid maintenance deposit constitutes a financial debt.
The ILD Owners Welfare Association filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. ALM Infotech City Private Limited. The applicant claimed that the corporate debtor collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre. The applicant alleged that the corporate debtor failed to hand over the said amount to the applicant/Financial Creditor (RWA) as per the Conveyance Deed, despite repeated requests. The applicant argued that the interest-free maintenance deposit is in the nature of financial debt. The corporate debtor collected the maintenance deposit from the owners of the apartments in the project. The conveyance deed, dated 09.12.2015, stipulated that
…A Conveyance Deed was…
The Adjudicating Authority directed the Ld.…