The case involves an application filed by Pankaj Mehta & Ors., the Financial Creditors (FC)/Applicants, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ansal Hi Tech Township Ltd., the Corporate Debtor (CD)/Respondent. The FCs claim that the CD defaulted in handing over possession of flats/plots/units and in repayment of Rs. 41,81,90,116 along with interest @ 18% per annum as on 15.03.2021. The Corporate Debtor argued that the application is not maintainable due to lack of jurisdiction, as the threshold criteria of Section 7 of the Code (at least 100 allottees or 10% of total allottees from the same real estate project) is not met. The CD contended that the allottees are from
…Pankaj Mehta & Ors., acting as Financial Creditors, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Ansal Hi Tech Township Ltd., the Corporate Debtor. The basis of the application was the Corporate Debtor's failure to deliver possession of allotted units and to repay a debt of Rs. 41,81,90,116 with 18% interest as of March 15, 2021. The project in question is 'Sushant Megapolis', a township developed by the Corporate Debtor. The Corporate Debtor argued that the application was not maintainable because the allottees belonged to different sub-projects within the township, each registered separately under RERA, and therefore the threshold of 100 allottees or 10% of the total allottees from the same real estate project was not
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The government of Uttar…
Ansal Hi Tech Township…
The case involves an application filed by Pankaj Mehta & Ors., the Financial Creditors (FC)/Applicants, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ansal Hi Tech Township Ltd., the Corporate Debtor (CD)/Respondent. The FCs claim that the CD defaulted in handing over possession of flats/plots/units and in repayment of Rs. 41,81,90,116 along with interest @ 18% per annum as on 15.03.2021. The Corporate Debtor argued that the application is not maintainable due to lack of jurisdiction, as the threshold criteria of Section 7 of the Code (at least 100 allottees or 10% of total allottees from the same real estate project) is not met. The CD contended that the allottees are from
…Pankaj Mehta & Ors., acting as Financial Creditors, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Ansal Hi Tech Township Ltd., the Corporate Debtor. The basis of the application was the Corporate Debtor's failure to deliver possession of allotted units and to repay a debt of Rs. 41,81,90,116 with 18% interest as of March 15, 2021. The project in question is 'Sushant Megapolis', a township developed by the Corporate Debtor. The Corporate Debtor argued that the application was not maintainable because the allottees belonged to different sub-projects within the township, each registered separately under RERA, and therefore the threshold of 100 allottees or 10% of the total allottees from the same real estate project was not
…The government of Uttar…
Ansal Hi Tech Township…