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 association 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 association as per the conveyance deed, despite repeated requests. The applicant argued 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 Corporate Debtor, a developer, had collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre. As per the conveyance deed, this amount was to be handed over to the Applicant/Financial Creditor (RWA). The Corporate Debtor failed to do so despite repeated requests. The applicant argued that this unpaid maintenance deposit constitutes a financial debt. A conveyance deed dated 09.12.2015 was executed between the Allottees and the Corporate Debtor. Clause 26 of the said Deed provides that the financial debt is to be handed over to the Financial
…Sign in to view the parties.
A Conveyance Deed was…
The Ld. Counsel for the Applicant filed an…
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 association 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 association as per the conveyance deed, despite repeated requests. The applicant argued 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 Corporate Debtor, a developer, had collected Rs. 2.95 crores as interest-free maintenance deposit from the residents of the ILD Trade Centre. As per the conveyance deed, this amount was to be handed over to the Applicant/Financial Creditor (RWA). The Corporate Debtor failed to do so despite repeated requests. The applicant argued that this unpaid maintenance deposit constitutes a financial debt. A conveyance deed dated 09.12.2015 was executed between the Allottees and the Corporate Debtor. Clause 26 of the said Deed provides that the financial debt is to be handed over to the Financial
…A Conveyance Deed was…
The Ld. Counsel for the Applicant filed an…