The case involves a petition filed by financial creditors (homebuyers) against Eco Green Buildtech Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioners claimed that the corporate debtor defaulted on delivering possession of flats/units allotted to them by April 15, 2019. SBICAP Ventures Limited, acting as the fund manager for SWAMIH Investment Fund I, intervened, seeking rejection of the CIRP petition, arguing that they had extended financial assistance to the corporate debtor, which was solvent and expected to complete the project by May 2025. The corporate debtor also proposed settlements with the petitioners, including refunds
…A petition was filed under Section 7 of the IBC, 2016, by Suresh Kumar Verma & Ors. (financial creditors/homebuyers) against Eco Green Buildtech Private Limited (corporate debtor) for initiation of CIRP. The petitioners claimed that the corporate debtor defaulted on delivering possession of flats/units allotted to them by April 15, 2019. SBICAP Ventures Limited, as the fund manager of SWAMIH Investment Fund I, intervened, seeking rejection of the CIRP petition, arguing that they had extended financial assistance to the corporate debtor, which was solvent and expected to complete the project by May 2025. The corporate debtor proposed settlements with the petitioners, including refunds with interest or possession of the allotted units. The corporate debtor had
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Alleged date of default by the Corporate…
Notice of the petition…
The case involves a petition filed by financial creditors (homebuyers) against Eco Green Buildtech Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioners claimed that the corporate debtor defaulted on delivering possession of flats/units allotted to them by April 15, 2019. SBICAP Ventures Limited, acting as the fund manager for SWAMIH Investment Fund I, intervened, seeking rejection of the CIRP petition, arguing that they had extended financial assistance to the corporate debtor, which was solvent and expected to complete the project by May 2025. The corporate debtor also proposed settlements with the petitioners, including refunds
…A petition was filed under Section 7 of the IBC, 2016, by Suresh Kumar Verma & Ors. (financial creditors/homebuyers) against Eco Green Buildtech Private Limited (corporate debtor) for initiation of CIRP. The petitioners claimed that the corporate debtor defaulted on delivering possession of flats/units allotted to them by April 15, 2019. SBICAP Ventures Limited, as the fund manager of SWAMIH Investment Fund I, intervened, seeking rejection of the CIRP petition, arguing that they had extended financial assistance to the corporate debtor, which was solvent and expected to complete the project by May 2025. The corporate debtor proposed settlements with the petitioners, including refunds with interest or possession of the allotted units. The corporate debtor had
…Alleged date of default by the Corporate…
Notice of the petition…