The case involves an application filed by Prashant Gill and others (Financial Creditors/Applicants) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Ansal Hi Tech Township LTD. The applicants claimed that the Corporate Debtor defaulted in repaying Rs. 1,20,59,942.12/-. The applicants, who are related parties, had booked and purchased three plots jointly in a project developed by the Corporate Debtor. Despite making complete advance payments, the Corporate Debtor failed to hand over possession of the plots. The applicants also pursued remedies under the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), which ordered the Corporate Debtor to refund the principal amount
…The Financial Creditors/Applicants (Prashant Gill & Ors.) booked and purchased three plots jointly in the project "SUSHANT MEGAPOLIS DA-2" developed by the Corporate Debtor (M/S Ansal Hi Tech Township LTD.). The applicants made complete advance payments for the plots. However, the Corporate Debtor failed to hand over possession of the plots as per the booking agreement. The applicants approached the UP-RERA, which ordered the Corporate Debtor to refund the principal amount along with delay interest. The Corporate Debtor settled with Applicant No. 1 but did not settle with Applicants No. 2 and 3. The total debt due upon the Corporate Debtor was Rs.2,08,02,809/-. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code,
…Sign in to view the parties.
The Corporate Debtor,…
The Applicants made…
The case involves an application filed by Prashant Gill and others (Financial Creditors/Applicants) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Ansal Hi Tech Township LTD. The applicants claimed that the Corporate Debtor defaulted in repaying Rs. 1,20,59,942.12/-. The applicants, who are related parties, had booked and purchased three plots jointly in a project developed by the Corporate Debtor. Despite making complete advance payments, the Corporate Debtor failed to hand over possession of the plots. The applicants also pursued remedies under the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), which ordered the Corporate Debtor to refund the principal amount
…The Financial Creditors/Applicants (Prashant Gill & Ors.) booked and purchased three plots jointly in the project "SUSHANT MEGAPOLIS DA-2" developed by the Corporate Debtor (M/S Ansal Hi Tech Township LTD.). The applicants made complete advance payments for the plots. However, the Corporate Debtor failed to hand over possession of the plots as per the booking agreement. The applicants approached the UP-RERA, which ordered the Corporate Debtor to refund the principal amount along with delay interest. The Corporate Debtor settled with Applicant No. 1 but did not settle with Applicants No. 2 and 3. The total debt due upon the Corporate Debtor was Rs.2,08,02,809/-. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code,
…The Corporate Debtor,…
The Applicants made…