The case involves an application filed by Shivani Gupta, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s H L Buildwell Pvt. Ltd. The application is based on the alleged default by the respondent in settling an amount of Rs. 14,60,00,000/-. The financial creditor and corporate debtor entered into agreements in May 2018 for the purchase of units developed by the corporate debtor. The financial creditor transferred Rs. 14,19,07,020.00 to the corporate debtor during 2017 and 2018. Due to market downturn, the corporate debtor could not fulfill the promise to hand over possession of the units. Subsequently, another agreement was entered into in November 2018, and the
…Shivani Gupta, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s H L Buildwell Pvt. Ltd., the corporate debtor. The claim is based on a default of Rs. 14,60,00,000/-. Agreements were entered into in May 2018 for the purchase of units in a project called "H L Heights." The financial creditor transferred Rs. 14,19,07,020.00 to the corporate debtor during 2017 and 2018. Due to a market downturn, the corporate debtor failed to deliver possession of the units. In November 2018, another agreement was made, and the corporate debtor mortgaged its restaurant. In November 2019, the parties agreed to treat the outstanding amount as a loan, with a maturity amount of Rs. 18,50,00,000.00
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The case involves an application filed by Shivani Gupta, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s H L Buildwell Pvt. Ltd. The application is based on the alleged default by the respondent in settling an amount of Rs. 14,60,00,000/-. The financial creditor and corporate debtor entered into agreements in May 2018 for the purchase of units developed by the corporate debtor. The financial creditor transferred Rs. 14,19,07,020.00 to the corporate debtor during 2017 and 2018. Due to market downturn, the corporate debtor could not fulfill the promise to hand over possession of the units. Subsequently, another agreement was entered into in November 2018, and the
…Shivani Gupta, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s H L Buildwell Pvt. Ltd., the corporate debtor. The claim is based on a default of Rs. 14,60,00,000/-. Agreements were entered into in May 2018 for the purchase of units in a project called "H L Heights." The financial creditor transferred Rs. 14,19,07,020.00 to the corporate debtor during 2017 and 2018. Due to a market downturn, the corporate debtor failed to deliver possession of the units. In November 2018, another agreement was made, and the corporate debtor mortgaged its restaurant. In November 2019, the parties agreed to treat the outstanding amount as a loan, with a maturity amount of Rs. 18,50,00,000.00
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