The case involves an application filed by Kohinoor Apparels Pvt Ltd & Ors, the Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ATS Infrastructure Ltd, the Corporate Debtor, due to a default in payment of Rs. 11,42,34,311/-. The Financial Creditors had invested in a real estate project, "ATS Pristine", developed by ATS Housing Private Limited (AHPL), an associate company of the Corporate Debtor, under a 'buy-back' scheme. The Corporate Debtor allegedly failed to honor the buy-back agreements, and the issued cheques were dishonored.
M/s. Kohinoor Apparels Pvt Ltd & Ors, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ATS Infrastructure Ltd, the Corporate Debtor, due to a default in payment of Rs. 11,42,34,311/-. The Financial Creditors had invested in the real estate project 'ATS Pristine', developed by ATS Housing Private Limited (AHPL), an associate company of the Corporate Debtor. The investment was made under a 'buy-back' scheme, where the Corporate Debtor assured the Financial Creditors that their respective units would be bought back at a contractually agreed sale consideration after a prescribed time period. The Financial Creditors invested in
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M/s. Kohinoor Apparels Pvt Ltd & 2 ORS. filed…
Financial Creditor No. 1 and the Corporate…
The case involves an application filed by Kohinoor Apparels Pvt Ltd & Ors, the Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ATS Infrastructure Ltd, the Corporate Debtor, due to a default in payment of Rs. 11,42,34,311/-. The Financial Creditors had invested in a real estate project, "ATS Pristine", developed by ATS Housing Private Limited (AHPL), an associate company of the Corporate Debtor, under a 'buy-back' scheme. The Corporate Debtor allegedly failed to honor the buy-back agreements, and the issued cheques were dishonored.
M/s. Kohinoor Apparels Pvt Ltd & Ors, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ATS Infrastructure Ltd, the Corporate Debtor, due to a default in payment of Rs. 11,42,34,311/-. The Financial Creditors had invested in the real estate project 'ATS Pristine', developed by ATS Housing Private Limited (AHPL), an associate company of the Corporate Debtor. The investment was made under a 'buy-back' scheme, where the Corporate Debtor assured the Financial Creditors that their respective units would be bought back at a contractually agreed sale consideration after a prescribed time period. The Financial Creditors invested in
…M/s. Kohinoor Apparels Pvt Ltd & 2 ORS. filed…
Financial Creditor No. 1 and the Corporate…