The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. Nagappaiya Maiya and 7 others (Financial Creditors/Homebuyers) against M/s. Apple Spire India LLP (Corporate Debtor) for defaulting on a debt of Rs. 15,43,59,238/-. The Financial Creditors had purchased apartments in the Corporate Debtor's 'Birla Apple Spire' project in Bengaluru between 2015 and 2017, with promised delivery dates in 2017, later extended to 2018. The Corporate Debtor failed to complete the project, obtain occupancy certificates, and hand over possession within the stipulated time, leading to the default. The Corporate Debtor contended that the homebuyers defaulted on payments, the project was delayed due to force majeure, and the matter should be
…Mr. Nagappaiya Maiya and 7 other homebuyers (Financial Creditors) filed a petition against M/s. Apple Spire India LLP (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors had purchased apartments in the Corporate Debtor's 'Birla Apple Spire' project in Bengaluru between 2015 and 2017, with promised delivery dates in 2017, later extended to 2018. The Corporate Debtor defaulted on a debt of Rs. 15,43,59,238/- inclusive of interest. The Corporate Debtor failed to complete the project, obtain occupancy certificates, and hand over possession within the stipulated time. The Corporate Debtor registered the project with Karnataka RERA, but the registration expired on 30.09.2019 and was not extended. The Corporate Debtor
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Financial Creditors purchased apartments in the…
Original promised…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. Nagappaiya Maiya and 7 others (Financial Creditors/Homebuyers) against M/s. Apple Spire India LLP (Corporate Debtor) for defaulting on a debt of Rs. 15,43,59,238/-. The Financial Creditors had purchased apartments in the Corporate Debtor's 'Birla Apple Spire' project in Bengaluru between 2015 and 2017, with promised delivery dates in 2017, later extended to 2018. The Corporate Debtor failed to complete the project, obtain occupancy certificates, and hand over possession within the stipulated time, leading to the default. The Corporate Debtor contended that the homebuyers defaulted on payments, the project was delayed due to force majeure, and the matter should be
…Mr. Nagappaiya Maiya and 7 other homebuyers (Financial Creditors) filed a petition against M/s. Apple Spire India LLP (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors had purchased apartments in the Corporate Debtor's 'Birla Apple Spire' project in Bengaluru between 2015 and 2017, with promised delivery dates in 2017, later extended to 2018. The Corporate Debtor defaulted on a debt of Rs. 15,43,59,238/- inclusive of interest. The Corporate Debtor failed to complete the project, obtain occupancy certificates, and hand over possession within the stipulated time. The Corporate Debtor registered the project with Karnataka RERA, but the registration expired on 30.09.2019 and was not extended. The Corporate Debtor
…Financial Creditors purchased apartments in the…
Original promised…