The case involves a petition filed under Section 54C of the Insolvency and Bankruptcy Code (IBC) for pre-packaged insolvency resolution process (PPIRP) by CHD Developers Ltd. The petition was filed due to defaults in completing real estate projects and delivering units to allottees. Prior to this, several Section 7 petitions under IBC were filed by home buyers against CHD Developers. The primary issue is whether the pre-packaged application can be entertained when a Section 7 petition is already pending before the tribunal. The matter was heard on multiple occasions, and arguments were presented by counsels for the corporate debtor, home buyers, and other parties involved.
CHD Developers Limited, the corporate debtor, proposed several real estate projects, both commercial and residential. A large number of home buyers showed interest and paid money to CHD Developers for allotment in these projects. CHD Developers defaulted in completing the projects and delivering the units. Several Section 7 petitions were filed by home buyers against CHD Developers. A pre-packaged insolvency resolution process (PPIRP) application was filed by CHD Developers under Section 54C of the IBC. The land in question for one of the projects belongs to M/s. Roots Developers Private Limited, who raised objections. The corporate debtor's counsel stated that the CD does not object to the initiation of CIRP. An earlier bench had reserved orders on a Section 7
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Mr. Rajeev Kumra & Ors. filed a Section 7…
Mr. Shailendra Kumar Agarwal filed a Section 7…
The case involves a petition filed under Section 54C of the Insolvency and Bankruptcy Code (IBC) for pre-packaged insolvency resolution process (PPIRP) by CHD Developers Ltd. The petition was filed due to defaults in completing real estate projects and delivering units to allottees. Prior to this, several Section 7 petitions under IBC were filed by home buyers against CHD Developers. The primary issue is whether the pre-packaged application can be entertained when a Section 7 petition is already pending before the tribunal. The matter was heard on multiple occasions, and arguments were presented by counsels for the corporate debtor, home buyers, and other parties involved.
CHD Developers Limited, the corporate debtor, proposed several real estate projects, both commercial and residential. A large number of home buyers showed interest and paid money to CHD Developers for allotment in these projects. CHD Developers defaulted in completing the projects and delivering the units. Several Section 7 petitions were filed by home buyers against CHD Developers. A pre-packaged insolvency resolution process (PPIRP) application was filed by CHD Developers under Section 54C of the IBC. The land in question for one of the projects belongs to M/s. Roots Developers Private Limited, who raised objections. The corporate debtor's counsel stated that the CD does not object to the initiation of CIRP. An earlier bench had reserved orders on a Section 7
…Mr. Rajeev Kumra & Ors. filed a Section 7…
Mr. Shailendra Kumar Agarwal filed a Section 7…