The case involves multiple petitions filed under the Insolvency and Bankruptcy Code (IBC) against CHD Developers Ltd. These include a pre-packaged insolvency resolution process (PPIRP) application (IBPP-02(PB)/2022) under Section 54C of IBC, and earlier Section 7 petitions filed by real estate allottees (home buyers) and operational creditors. The primary issue is whether the PPIRP application should take precedence over the pending Section 7 petitions, particularly in light of Section 11A of the IBC, which addresses the priority of applications. The corporate debtor (CHD Developers Ltd.) is facing insolvency proceedings due to defaults in completing real estate projects and delivering units to allottees. Several hearings and adjournments have occurred, with arguments
…CHD Developers Ltd. is a corporate debtor that proposed several real estate projects, both commercial and residential. A large number of home buyers invested in these projects and paid money to the CD. The CD defaulted in completing the projects and delivering the units to the allottees. Consequently, several real estate allottees filed a Section 7 petition (IB-1081(PB)/2020) on 21.10.2020. Another Section 7 petition (IB-1775(PB)/2018) was filed by Mr. Shailendra Kumar Agarwal, another real estate allottee. While these petitions were pending, the IBC (Amendment) Ordinance dated 04.04.2021 came into effect, introducing Chapter III-A and PPIRP. Subsequently, the CD filed a PPIRP application (IBPP-02(PB)/2022) under Section 54C of the IBC. The land for the project belongs
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Mr. Shailendra Kumar Agarwal, a real estate…
Mr. Rajeev Kumra & Ors.…
The case involves multiple petitions filed under the Insolvency and Bankruptcy Code (IBC) against CHD Developers Ltd. These include a pre-packaged insolvency resolution process (PPIRP) application (IBPP-02(PB)/2022) under Section 54C of IBC, and earlier Section 7 petitions filed by real estate allottees (home buyers) and operational creditors. The primary issue is whether the PPIRP application should take precedence over the pending Section 7 petitions, particularly in light of Section 11A of the IBC, which addresses the priority of applications. The corporate debtor (CHD Developers Ltd.) is facing insolvency proceedings due to defaults in completing real estate projects and delivering units to allottees. Several hearings and adjournments have occurred, with arguments
…CHD Developers Ltd. is a corporate debtor that proposed several real estate projects, both commercial and residential. A large number of home buyers invested in these projects and paid money to the CD. The CD defaulted in completing the projects and delivering the units to the allottees. Consequently, several real estate allottees filed a Section 7 petition (IB-1081(PB)/2020) on 21.10.2020. Another Section 7 petition (IB-1775(PB)/2018) was filed by Mr. Shailendra Kumar Agarwal, another real estate allottee. While these petitions were pending, the IBC (Amendment) Ordinance dated 04.04.2021 came into effect, introducing Chapter III-A and PPIRP. Subsequently, the CD filed a PPIRP application (IBPP-02(PB)/2022) under Section 54C of the IBC. The land for the project belongs
…Mr. Shailendra Kumar Agarwal, a real estate…
Mr. Rajeev Kumra & Ors.…