The application was filed on 2019-12-03 by Neon Vincom Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Colorcity Homes Pvt Ltd, the Corporate Debtor. During the hearing on 2022-08-10, the Applicant's counsel requested to amend the application to include the date of default and file an affidavit. The compliance affidavit along with the amended application was filed on 2022-08-27.
Neon Vincom Pvt Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Colorcity Homes Pvt Ltd, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for investment in a project in Ghaziabad, assuring a refund with 24% interest within one year. The Financial Creditor invested ₹1,80,00,000 in three tranches in December 2014 and January 2015. The Corporate Debtor failed to make progress on the project, and no construction work started. The Financial Creditor requested a refund with interest. The amount infused by the Financial Creditor was reflected in the Corporate Debtor's audited balance sheet for 2017. The date of default was 2017-03-31. The Financial
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Operational Creditor…
Operational Creditor…
The application was filed on 2019-12-03 by Neon Vincom Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Colorcity Homes Pvt Ltd, the Corporate Debtor. During the hearing on 2022-08-10, the Applicant's counsel requested to amend the application to include the date of default and file an affidavit. The compliance affidavit along with the amended application was filed on 2022-08-27.
Neon Vincom Pvt Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Colorcity Homes Pvt Ltd, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for investment in a project in Ghaziabad, assuring a refund with 24% interest within one year. The Financial Creditor invested ₹1,80,00,000 in three tranches in December 2014 and January 2015. The Corporate Debtor failed to make progress on the project, and no construction work started. The Financial Creditor requested a refund with interest. The amount infused by the Financial Creditor was reflected in the Corporate Debtor's audited balance sheet for 2017. The date of default was 2017-03-31. The Financial
…Operational Creditor…
Operational Creditor…