This case involves an application (IA-1644/2023) filed by allottees in the real estate project 'Avalon Rosewood' of M/s. GRJ Distributors and Developers Private Limited ('Corporate Debtor') before the National Company Law Tribunal (NCLT) under Rule 11 of the National Company Law Tribunal Rules, 2016. The applicants sought clarification on whether the Corporate Insolvency Resolution Process (CIRP) and the consequent moratorium imposed by the NCLT's order dated 16.02.2023 in Company Petition (IB) No. 477/ND/2021 applied only to the 'Avalon Rosewood' project or to the Corporate Debtor as a whole. The initial CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 by homebuyers of the 'Avalon Rosewood' project, and the
…M/s. GRJ Distributors and Developers Private Limited is the Corporate Debtor. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by homebuyers of the 'Avalon Rosewood' project, which is a real estate project of the Corporate Debtor. The Corporate Debtor admitted the liability. The NCLT initiated CIRP against the Corporate Debtor vide order dated 16.02.2023. The Financial Creditor proposed Mr. Piyush Garg as the Resolution Professional. An application (IA-1644/2023) was filed by allottees seeking clarification on whether the CIRP and moratorium applied only to the 'Avalon Rosewood' project or to the Corporate Debtor as a whole. The initial order declared a moratorium against the Corporate Debtor. The key fact is the ambiguity in the
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IA-1644/2023 filed by allottees in the real…
Tribunal passed an order initiating CIRP…
This case involves an application (IA-1644/2023) filed by allottees in the real estate project 'Avalon Rosewood' of M/s. GRJ Distributors and Developers Private Limited ('Corporate Debtor') before the National Company Law Tribunal (NCLT) under Rule 11 of the National Company Law Tribunal Rules, 2016. The applicants sought clarification on whether the Corporate Insolvency Resolution Process (CIRP) and the consequent moratorium imposed by the NCLT's order dated 16.02.2023 in Company Petition (IB) No. 477/ND/2021 applied only to the 'Avalon Rosewood' project or to the Corporate Debtor as a whole. The initial CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 by homebuyers of the 'Avalon Rosewood' project, and the
…M/s. GRJ Distributors and Developers Private Limited is the Corporate Debtor. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by homebuyers of the 'Avalon Rosewood' project, which is a real estate project of the Corporate Debtor. The Corporate Debtor admitted the liability. The NCLT initiated CIRP against the Corporate Debtor vide order dated 16.02.2023. The Financial Creditor proposed Mr. Piyush Garg as the Resolution Professional. An application (IA-1644/2023) was filed by allottees seeking clarification on whether the CIRP and moratorium applied only to the 'Avalon Rosewood' project or to the Corporate Debtor as a whole. The initial order declared a moratorium against the Corporate Debtor. The key fact is the ambiguity in the
…IA-1644/2023 filed by allottees in the real…
Tribunal passed an order initiating CIRP…