The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Satyabrata Mitra and 145 other home buyers against Earth Towne Infrastructure Private Limited ('Corporate Debtor') for defaulting on a financial debt of Rs. 28,64,48,786. The Greater Noida Industrial Development Authority (GNIDA) had allotted land to a consortium including Earth Infrastructure Limited, which then incorporated Earth Towne Infrastructure as a special purpose vehicle. A development agreement was entered into between Earth Towne and Earth Infrastructure, with Earth Infrastructure to develop the project land. Homebuyers entered into agreements with the Corporate Debtor and Earth Infrastructure, disbursing substantial amounts. However, the applicants did
…Mr. Satyabrata Mitra and 145 other home buyers jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Earth Towne Infrastructure Private Limited, the 'Corporate Debtor'. The claim is for a financial debt amounting to Rs. 28,64,48,786/-. The Greater Noida Industrial Development Authority (GNIDA) had allotted land to a consortium including Earth Infrastructure Limited, which subsequently incorporated Earth Towne Infrastructure as a special purpose vehicle. A 'Development Agreement' was entered into between Earth Towne Infrastructure and Earth Infrastructure Limited, with the latter responsible for developing the project land. The homebuyers entered into agreements with the Corporate Debtor and Earth Infrastructure Limited for
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Satyabrata Mitra and 145 other home buyers against Earth Towne Infrastructure Private Limited ('Corporate Debtor') for defaulting on a financial debt of Rs. 28,64,48,786. The Greater Noida Industrial Development Authority (GNIDA) had allotted land to a consortium including Earth Infrastructure Limited, which then incorporated Earth Towne Infrastructure as a special purpose vehicle. A development agreement was entered into between Earth Towne and Earth Infrastructure, with Earth Infrastructure to develop the project land. Homebuyers entered into agreements with the Corporate Debtor and Earth Infrastructure, disbursing substantial amounts. However, the applicants did
…Mr. Satyabrata Mitra and 145 other home buyers jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Earth Towne Infrastructure Private Limited, the 'Corporate Debtor'. The claim is for a financial debt amounting to Rs. 28,64,48,786/-. The Greater Noida Industrial Development Authority (GNIDA) had allotted land to a consortium including Earth Infrastructure Limited, which subsequently incorporated Earth Towne Infrastructure as a special purpose vehicle. A 'Development Agreement' was entered into between Earth Towne Infrastructure and Earth Infrastructure Limited, with the latter responsible for developing the project land. The homebuyers entered into agreements with the Corporate Debtor and Earth Infrastructure Limited for
…Reservation/Acceptance…
Allotment Let…