The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Uttam Singhal & Ors (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the Corporate Debtors' real estate project, SLF Anushree Apartments, based on advertisements and representations. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors claim to fulfill the threshold limit of 10% of allottees required to initiate CIRP.
The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the SLF Anushree Apartments project, a real estate project developed by M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The investment was made based on advertisements and representations by the Corporate Debtors. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Corporate Debtors. The Financial Creditors claimed to meet the threshold requirement of 10% of allottees needed to initiate CIRP. The Corporate Debtors argued that the
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Corporate Debtors agreed to transfer the land…
Builder Buyer…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Uttam Singhal & Ors (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the Corporate Debtors' real estate project, SLF Anushree Apartments, based on advertisements and representations. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors claim to fulfill the threshold limit of 10% of allottees required to initiate CIRP.
The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the SLF Anushree Apartments project, a real estate project developed by M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The investment was made based on advertisements and representations by the Corporate Debtors. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Corporate Debtors. The Financial Creditors claimed to meet the threshold requirement of 10% of allottees needed to initiate CIRP. The Corporate Debtors argued that the
…Corporate Debtors agreed to transfer the land…
Builder Buyer…