The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors (homebuyers) against M/s GRJ Distributors and Developers Private Limited, the corporate debtor. The homebuyers had booked units in the 'Avalon Regal Court' project in 2013-2014 and were allotted units after depositing booking amounts. The corporate debtor was obligated to deliver possession by January 2018, with a grace period until July 2018, but failed to do so. The financial creditors sought withdrawal as financial creditors due to selling their units, leading to interlocutory applications.
The financial creditors, primarily homebuyers, booked units in the 'Avalon Regal Court' project developed by M/s GRJ Distributors and Developers Private Limited between 2013 and 2014. As per the Apartment Buyer's Agreement, the corporate debtor was to deliver possession by January 2018, extendable to July 2018, but failed to do so. The financial creditors made substantial payments. The corporate debtor unilaterally extracted money without providing timely construction milestones or possession. The corporate debtor argued project delays were due to sand mining bans, construction bans, and COVID-19. The financial creditors filed an application under Section 7 of the IBC. The corporate debtor claimed the petitioners didn't meet the threshold under Section 7(1) of the IBC,
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Financial Creditors…
Financial Creditors…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors (homebuyers) against M/s GRJ Distributors and Developers Private Limited, the corporate debtor. The homebuyers had booked units in the 'Avalon Regal Court' project in 2013-2014 and were allotted units after depositing booking amounts. The corporate debtor was obligated to deliver possession by January 2018, with a grace period until July 2018, but failed to do so. The financial creditors sought withdrawal as financial creditors due to selling their units, leading to interlocutory applications.
The financial creditors, primarily homebuyers, booked units in the 'Avalon Regal Court' project developed by M/s GRJ Distributors and Developers Private Limited between 2013 and 2014. As per the Apartment Buyer's Agreement, the corporate debtor was to deliver possession by January 2018, extendable to July 2018, but failed to do so. The financial creditors made substantial payments. The corporate debtor unilaterally extracted money without providing timely construction milestones or possession. The corporate debtor argued project delays were due to sand mining bans, construction bans, and COVID-19. The financial creditors filed an application under Section 7 of the IBC. The corporate debtor claimed the petitioners didn't meet the threshold under Section 7(1) of the IBC,
…Financial Creditors…
Financial Creditors…