The case involves an application filed by a real estate allottee, M/s. Jones Lang Lasalle Building Operations Pvt Ltd., against the Corporate Debtor, M/s. Celebration City Projects Pvt Ltd. The applicant's claim was rejected by the Resolution Professional (RP) because of an arbitral award dated 25.10.2018 passed in favor of the applicant, which the RP believed disqualified the applicant from being considered a real estate allottee. The applicant sought recognition as a financial creditor in the class of allottees and other related reliefs.
M/s. Jones Lang Lasalle Building Operations Pvt Ltd., a real estate allottee, filed an application against M/s. Celebration City Projects Pvt Ltd., the Corporate Debtor. The Resolution Professional rejected the applicant's claim, citing an arbitral award dated 25.10.2018 in favor of the applicant. The applicant sought recognition as a financial creditor in the class of allottees, seeking the court's direction to the Respondent to recognize the status of the Applicant as a Financial Creditor in the class of allottees. The arbitral award directed the respondent to deliver possession of a commercial unit (5000 sq. ft.) in the Red Mall project at Nehru Vikas Minar Commercial Project, GT Road Ghaziabad U.P., within two months. It also imposed a penalty of Rs 3,58,750 per
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The case involves an application filed by a real estate allottee, M/s. Jones Lang Lasalle Building Operations Pvt Ltd., against the Corporate Debtor, M/s. Celebration City Projects Pvt Ltd. The applicant's claim was rejected by the Resolution Professional (RP) because of an arbitral award dated 25.10.2018 passed in favor of the applicant, which the RP believed disqualified the applicant from being considered a real estate allottee. The applicant sought recognition as a financial creditor in the class of allottees and other related reliefs.
M/s. Jones Lang Lasalle Building Operations Pvt Ltd., a real estate allottee, filed an application against M/s. Celebration City Projects Pvt Ltd., the Corporate Debtor. The Resolution Professional rejected the applicant's claim, citing an arbitral award dated 25.10.2018 in favor of the applicant. The applicant sought recognition as a financial creditor in the class of allottees, seeking the court's direction to the Respondent to recognize the status of the Applicant as a Financial Creditor in the class of allottees. The arbitral award directed the respondent to deliver possession of a commercial unit (5000 sq. ft.) in the Red Mall project at Nehru Vikas Minar Commercial Project, GT Road Ghaziabad U.P., within two months. It also imposed a penalty of Rs 3,58,750 per
…An arbitral award was…
Voting lines were opened for selection and…