The case involves Interlocutory Applications (IA) 3781/2023 and 4521/2023 filed by the Resolution Professional (RP) of Housing Development & Infrastructure Limited (HDIL), the Corporate Debtor, and Unity Small Finance Bank. The applications seek similar reliefs related to a property in Telangana. The RP aims to protect the Corporate Debtor's rights over the property, stemming from a Joint Venture Agreement (JVA) and subsequent Assignment Agreement. Disputes arose due to developmental agreements executed by Respondents 1&2 in favor of Respondent 3 during the moratorium period. Unity Bank, as a secured creditor, also seeks to nullify these agreements. The Directorate of Enforcement has also observed that certain MoUs related to the property were unregistered and
…The case concerns a property dispute involving Housing Development and Infrastructure Limited (HDIL), the Corporate Debtor, and several other parties. My Palace Mutually Aided Cooperative Society and Anish Construction Co. (Respondents 1 and 2) are the owners of a piece of land admeasuring about 100 acres in Telangana. In 2006, Respondents 1 and 2 sold 26 acres of the land. In 2015, a Joint Venture Agreement (JVA) was executed between Respondents 1 and 2 and the Corporate Debtor for the joint development of approximately 73 acres of the land, with the Corporate Debtor entitled to 55% of the total sale receivables. In 2018, the Corporate Debtor assigned its rights under the JVA to Punjab and Maharashtra Cooperative Bank (PMC Bank) as security for a loan. The Corporate
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Respondents 1 & 2 sold…
The parties agreed to jointly develop a piece…
The case involves Interlocutory Applications (IA) 3781/2023 and 4521/2023 filed by the Resolution Professional (RP) of Housing Development & Infrastructure Limited (HDIL), the Corporate Debtor, and Unity Small Finance Bank. The applications seek similar reliefs related to a property in Telangana. The RP aims to protect the Corporate Debtor's rights over the property, stemming from a Joint Venture Agreement (JVA) and subsequent Assignment Agreement. Disputes arose due to developmental agreements executed by Respondents 1&2 in favor of Respondent 3 during the moratorium period. Unity Bank, as a secured creditor, also seeks to nullify these agreements. The Directorate of Enforcement has also observed that certain MoUs related to the property were unregistered and
…The case concerns a property dispute involving Housing Development and Infrastructure Limited (HDIL), the Corporate Debtor, and several other parties. My Palace Mutually Aided Cooperative Society and Anish Construction Co. (Respondents 1 and 2) are the owners of a piece of land admeasuring about 100 acres in Telangana. In 2006, Respondents 1 and 2 sold 26 acres of the land. In 2015, a Joint Venture Agreement (JVA) was executed between Respondents 1 and 2 and the Corporate Debtor for the joint development of approximately 73 acres of the land, with the Corporate Debtor entitled to 55% of the total sale receivables. In 2018, the Corporate Debtor assigned its rights under the JVA to Punjab and Maharashtra Cooperative Bank (PMC Bank) as security for a loan. The Corporate
…Respondents 1 & 2 sold…
The parties agreed to jointly develop a piece…