The case involves a Company Petition filed by financial creditors against Harihar Infra Ventures (I) Pvt Ltd, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors are individuals who purchased flats from the corporate debtor. Disputes arose when the corporate debtor failed to deliver possession of the flats as per the agreements. To compensate, a Leave and License Agreement was entered into, with the corporate debtor agreeing to pay a license fee. However, the corporate debtor defaulted on payments, leading the financial creditors to file a petition seeking a refund of the sale consideration. During the proceedings, the parties entered into Consent
…Mrs. Kakumanu Lakshmi and others, the financial creditors, filed a Company Petition against Harihar Infra Ventures (I) Pvt Ltd, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors had purchased flats in a project called 'Sai Hermitage' from the corporate debtor and registered agreements. The corporate debtor failed to provide possession of the flats on time. To compensate, a Leave and License Agreement was entered into, with the corporate debtor agreeing to pay a license fee. The corporate debtor defaulted on payments, leading the financial creditors to file a Company Petition No. 2910 of 2019 seeking a refund of the sale consideration. During the proceedings, the parties entered into Consent Terms on 11.12.2019,
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Parties entered into Consent Terms where…
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The case involves a Company Petition filed by financial creditors against Harihar Infra Ventures (I) Pvt Ltd, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors are individuals who purchased flats from the corporate debtor. Disputes arose when the corporate debtor failed to deliver possession of the flats as per the agreements. To compensate, a Leave and License Agreement was entered into, with the corporate debtor agreeing to pay a license fee. However, the corporate debtor defaulted on payments, leading the financial creditors to file a petition seeking a refund of the sale consideration. During the proceedings, the parties entered into Consent
…Mrs. Kakumanu Lakshmi and others, the financial creditors, filed a Company Petition against Harihar Infra Ventures (I) Pvt Ltd, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors had purchased flats in a project called 'Sai Hermitage' from the corporate debtor and registered agreements. The corporate debtor failed to provide possession of the flats on time. To compensate, a Leave and License Agreement was entered into, with the corporate debtor agreeing to pay a license fee. The corporate debtor defaulted on payments, leading the financial creditors to file a Company Petition No. 2910 of 2019 seeking a refund of the sale consideration. During the proceedings, the parties entered into Consent Terms on 11.12.2019,
…Parties entered into Consent Terms where…
First installment…