Meehika Buildcon LLP filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against City Star Infrastructures Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default in repayment of a financial debt arising from a Term Sheet agreement where Meehika Buildcon LLP advanced money to City Star Infrastructures Limited for a joint venture development project. The Corporate Debtor was to obtain necessary mutations and conversions for the land, but the Financial Creditor terminated the Term Sheet due to alleged defective title and demanded a refund.
Meehika Buildcon LLP (Financial Creditor) and City Star Infrastructures Limited (Corporate Debtor) entered into a Term Sheet agreement for a joint venture to develop land owned by the Corporate Debtor. Meehika Buildcon LLP advanced Rs. 2,77,98,630/- to City Star Infrastructures Limited as a security deposit. The Corporate Debtor was responsible for obtaining necessary mutations and conversions for the land. The Financial Creditor paid an amount of Rs. 2.5 crores to the Corporate Debtor in May 2014. The Corporate Debtor performed mutation with Block Land Reforms Office, Sonarpur on 28.11.2016 and conversion of the land was done on 15.09.2017. The Corporate Debtor failed to obtain mutation with Rajpur, Sonarpur Municipality till 2020. The Financial Creditor terminated
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City Star Infrastructure…
Meehika Buildcon LLP and City Star…
Meehika Buildcon LLP filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against City Star Infrastructures Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default in repayment of a financial debt arising from a Term Sheet agreement where Meehika Buildcon LLP advanced money to City Star Infrastructures Limited for a joint venture development project. The Corporate Debtor was to obtain necessary mutations and conversions for the land, but the Financial Creditor terminated the Term Sheet due to alleged defective title and demanded a refund.
Meehika Buildcon LLP (Financial Creditor) and City Star Infrastructures Limited (Corporate Debtor) entered into a Term Sheet agreement for a joint venture to develop land owned by the Corporate Debtor. Meehika Buildcon LLP advanced Rs. 2,77,98,630/- to City Star Infrastructures Limited as a security deposit. The Corporate Debtor was responsible for obtaining necessary mutations and conversions for the land. The Financial Creditor paid an amount of Rs. 2.5 crores to the Corporate Debtor in May 2014. The Corporate Debtor performed mutation with Block Land Reforms Office, Sonarpur on 28.11.2016 and conversion of the land was done on 15.09.2017. The Corporate Debtor failed to obtain mutation with Rajpur, Sonarpur Municipality till 2020. The Financial Creditor terminated
…City Star Infrastructure…
Meehika Buildcon LLP and City Star…