The case involves an application filed by Deepak Gupta, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Elixir Buildcon (P) Ltd., the corporate debtor. The financial creditor and corporate debtor entered into a Memorandum of Understanding (MoU) on 25.01.2013, where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU, leading to a default. The financial creditor claimed a sum of Rs. 10,91,97,937 as due and payable as of 28.01.2013.
Deepak Gupta, the applicant, is a financial creditor. M/S Elixir Buildcon (P) Ltd. is the corporate debtor. On 25.01.2013, the applicant and the corporate debtor entered into a Memorandum of Understanding (MoU) where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU. As of 28.01.2013, a sum of Rs. 10,91,97,937 was claimed as due and payable. The applicant proposed the name of Mrs. Reshma Mittal as the Interim Resolution Professional (IRP). The corporate debtor raised objections, claiming the application was barred by limitation, the applicant was not a 'financial creditor', and there was no breach of the MoU. The applicant argued that the
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Memorandum of Understanding (MoU) signed between…
A sum of Rs. 10,91,97,93…
The case involves an application filed by Deepak Gupta, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Elixir Buildcon (P) Ltd., the corporate debtor. The financial creditor and corporate debtor entered into a Memorandum of Understanding (MoU) on 25.01.2013, where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU, leading to a default. The financial creditor claimed a sum of Rs. 10,91,97,937 as due and payable as of 28.01.2013.
Deepak Gupta, the applicant, is a financial creditor. M/S Elixir Buildcon (P) Ltd. is the corporate debtor. On 25.01.2013, the applicant and the corporate debtor entered into a Memorandum of Understanding (MoU) where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU. As of 28.01.2013, a sum of Rs. 10,91,97,937 was claimed as due and payable. The applicant proposed the name of Mrs. Reshma Mittal as the Interim Resolution Professional (IRP). The corporate debtor raised objections, claiming the application was barred by limitation, the applicant was not a 'financial creditor', and there was no breach of the MoU. The applicant argued that the
…Memorandum of Understanding (MoU) signed between…
A sum of Rs. 10,91,97,93…