The case involves an application filed by Manab Datta & Ors under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Grandstar Reality Private Limited for alleged default of Rs. 78,09,94,385.56. The applicants, homebuyers in the 'Akme Raaga' project, claim to constitute more than 10% of the total allottees. The corporate debtor, Grandstar Realty, purchased the property 'as is where is' from Yes Bank, which had previously extended a loan to Akme Projects Limited (the original borrower). The original borrower defaulted, leading to the property's sale to Grandstar. The applicants allege that Grandstar failed to deliver possession of the flats and pay delay charges.
Manab Datta & Ors, representing 53 homebuyers, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Grandstar Reality Private Limited, claiming a default of Rs. 78,09,94,385.56. The homebuyers had entered into flat buyer agreements with Akme Projects Limited (the original borrower) for units in the 'Akme Raaga' project. Yes Bank had extended a loan of INR 60 crores to Akme Projects Limited, secured by an equitable mortgage on the project land. Akme Projects Limited defaulted on the loan, leading Yes Bank to declare the account as NPA and initiate SARFAESI proceedings. Yes Bank issued a sale notice on 02.04.2016, selling the property to Grandstar Reality Private Limited 'as is where is' in June 2016. The sale confirmation dated
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Grandstar Realty…
Yes Bank granted a loan of INR 60 crores to…
The case involves an application filed by Manab Datta & Ors under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Grandstar Reality Private Limited for alleged default of Rs. 78,09,94,385.56. The applicants, homebuyers in the 'Akme Raaga' project, claim to constitute more than 10% of the total allottees. The corporate debtor, Grandstar Realty, purchased the property 'as is where is' from Yes Bank, which had previously extended a loan to Akme Projects Limited (the original borrower). The original borrower defaulted, leading to the property's sale to Grandstar. The applicants allege that Grandstar failed to deliver possession of the flats and pay delay charges.
Manab Datta & Ors, representing 53 homebuyers, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Grandstar Reality Private Limited, claiming a default of Rs. 78,09,94,385.56. The homebuyers had entered into flat buyer agreements with Akme Projects Limited (the original borrower) for units in the 'Akme Raaga' project. Yes Bank had extended a loan of INR 60 crores to Akme Projects Limited, secured by an equitable mortgage on the project land. Akme Projects Limited defaulted on the loan, leading Yes Bank to declare the account as NPA and initiate SARFAESI proceedings. Yes Bank issued a sale notice on 02.04.2016, selling the property to Grandstar Reality Private Limited 'as is where is' in June 2016. The sale confirmation dated
…Grandstar Realty…
Yes Bank granted a loan of INR 60 crores to…