The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Prashant Gill & Ors., the Financial Creditors (FC)/Applicants, against M/S Ansal Hi Tech Township LTD., the Respondent/Corporate Debtor (CD), for initiating the Corporate Insolvency Resolution Process (CIRP). The applicants claimed default in repayment of Rs. 1,20,59,942.12/-. The Financial Creditors/Applicants booked and purchased three plots jointly in the project developed by the Corporate Debtor under the name and style of “SUSHANT MEGAPOLIS DA-2”. The Corporate Debtor failed to handover possession even after executing the plot allotment agreement and issuing the allotment letter.
Prashant Gill & Ors. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Ansal Hi Tech Township LTD. for initiating CIRP, claiming a default of Rs. 1,20,59,942.12/-. The applicants, related parties, booked three plots in the Corporate Debtor's project, “SUSHANT MEGAPOLIS DA-2”, making advance payments. The Corporate Debtor executed booking agreements and plot allotment agreements but failed to deliver possession. The applicants filed complaints with UP-RERA, which ordered refunds with interest. The Corporate Debtor offered credit notes for settlement, which Applicant Nos. 1 and 2 accepted, receiving alternative allotments. Applicant No. 3 did not settle. The applicants argued that the RERA orders and recovery certificates
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The Corporate Debtor,…
Applicants made advance…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Prashant Gill & Ors., the Financial Creditors (FC)/Applicants, against M/S Ansal Hi Tech Township LTD., the Respondent/Corporate Debtor (CD), for initiating the Corporate Insolvency Resolution Process (CIRP). The applicants claimed default in repayment of Rs. 1,20,59,942.12/-. The Financial Creditors/Applicants booked and purchased three plots jointly in the project developed by the Corporate Debtor under the name and style of “SUSHANT MEGAPOLIS DA-2”. The Corporate Debtor failed to handover possession even after executing the plot allotment agreement and issuing the allotment letter.
Prashant Gill & Ors. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Ansal Hi Tech Township LTD. for initiating CIRP, claiming a default of Rs. 1,20,59,942.12/-. The applicants, related parties, booked three plots in the Corporate Debtor's project, “SUSHANT MEGAPOLIS DA-2”, making advance payments. The Corporate Debtor executed booking agreements and plot allotment agreements but failed to deliver possession. The applicants filed complaints with UP-RERA, which ordered refunds with interest. The Corporate Debtor offered credit notes for settlement, which Applicant Nos. 1 and 2 accepted, receiving alternative allotments. Applicant No. 3 did not settle. The applicants argued that the RERA orders and recovery certificates
…The Corporate Debtor,…
Applicants made advance…