Ghaziabad Development Authority (GDA) filed IA-3686/2022 seeking relief related to its claim as a financial creditor against Celebration City Projects Pvt. Ltd. (CD). GDA, as the owner of a plot, auctioned it in 2006, with CD being the highest bidder for Rs. 100 crores. A registered Agreement to Sale was executed in 2007, acknowledging a payment of 25% of the sale consideration. The balance was to be paid in 16 quarterly installments with interest. CD failed to make payments, leading to repeated rescheduling. GDA's permission for CD to organize funds through Sakshi Fincap was later cancelled due to non-deposit of the balance amount. CIRP was initiated against CD in 2022, and GDA filed a claim for Rs. 147,59,04,687, which was rejected by the Resolution Professional
…In 2006, GDA, owned a plot of land measuring 45936 sq. meters in Ghaziabad. GDA conducted a public auction for the sale of the plot. Vridhi Merchant Pvt. Ltd. (now known as Celebration City Projects Pvt. Ltd.) was the highest bidder with a total consideration of Rs. 100 crores. On July 6, 2007, GDA and Vridhi Merchant Pvt. Ltd. executed a registered Agreement to Sale. The agreement acknowledged a payment of Rs. 25 crores, representing 25% of the sale consideration plus freehold charges. The remaining 75% was to be paid in 16 quarterly installments with 12% interest, with a 15% default interest rate. Physical possession of the plot was handed over to CD. The agreement allowed CD to contract for the sale of constructed space with appurtenant portions of the plot. GDA had
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GDA, being the…
A registered Agreement to Sale was executed…
Ghaziabad Development Authority (GDA) filed IA-3686/2022 seeking relief related to its claim as a financial creditor against Celebration City Projects Pvt. Ltd. (CD). GDA, as the owner of a plot, auctioned it in 2006, with CD being the highest bidder for Rs. 100 crores. A registered Agreement to Sale was executed in 2007, acknowledging a payment of 25% of the sale consideration. The balance was to be paid in 16 quarterly installments with interest. CD failed to make payments, leading to repeated rescheduling. GDA's permission for CD to organize funds through Sakshi Fincap was later cancelled due to non-deposit of the balance amount. CIRP was initiated against CD in 2022, and GDA filed a claim for Rs. 147,59,04,687, which was rejected by the Resolution Professional
…In 2006, GDA, owned a plot of land measuring 45936 sq. meters in Ghaziabad. GDA conducted a public auction for the sale of the plot. Vridhi Merchant Pvt. Ltd. (now known as Celebration City Projects Pvt. Ltd.) was the highest bidder with a total consideration of Rs. 100 crores. On July 6, 2007, GDA and Vridhi Merchant Pvt. Ltd. executed a registered Agreement to Sale. The agreement acknowledged a payment of Rs. 25 crores, representing 25% of the sale consideration plus freehold charges. The remaining 75% was to be paid in 16 quarterly installments with 12% interest, with a 15% default interest rate. Physical possession of the plot was handed over to CD. The agreement allowed CD to contract for the sale of constructed space with appurtenant portions of the plot. GDA had
…GDA, being the…
A registered Agreement to Sale was executed…