The case involves an application (I.A. 784/2023) filed by Galaxy Apartment F Wing Welfare Association under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to carve out 'F' wing from Galaxy Apartment as a separate vertical project of the Corporate Debtor, Housing Development and Infrastructure Ltd. (HDIL), and to allow the rerun of the Corporate Insolvency Resolution Process (CIRP) with respect to the carved-out 'F' Wing. The CIRP was initiated against HDIL following a default in repayment of facilities granted by Bank of India. The project, Galaxy Apartment, was divided into multiple verticals, with 'F' Wing being Vertical IV. The applicant, representing 110 homebuyers of 'F' Wing, seeks to become a prospective resolution applicant for the wing, as
…The Corporate Debtor, Housing Development and Infrastructure Ltd. (HDIL), faced Corporate Insolvency Resolution Process (CIRP) initiated by Bank of India due to a default of Rs. 522,29,06,768/- on 04.12.2018. The CIRP was initiated on 20.08.2019. The project 'Galaxy Apartment' in Kurla (E), Mumbai, was divided into 6 wings (A to F). The applicant, Galaxy Apartment F Wing Welfare Association, represents 110 homebuyers of the 'F' wing, which is part of a Slum Rehabilitation Scheme. Wings A to E were completed and possession was given, but 'F' wing's construction is pending since 2009, only up to the plinth level, and came to a standstill in 2012. The CoC decided on 08.09.2021 to go for project-wise resolution and divided the Corporate Debtor into 10 Verticals on
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Housing Development and Infrastructure Ltd.…
Adjudicating Authority initiated Corporate…
The case involves an application (I.A. 784/2023) filed by Galaxy Apartment F Wing Welfare Association under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to carve out 'F' wing from Galaxy Apartment as a separate vertical project of the Corporate Debtor, Housing Development and Infrastructure Ltd. (HDIL), and to allow the rerun of the Corporate Insolvency Resolution Process (CIRP) with respect to the carved-out 'F' Wing. The CIRP was initiated against HDIL following a default in repayment of facilities granted by Bank of India. The project, Galaxy Apartment, was divided into multiple verticals, with 'F' Wing being Vertical IV. The applicant, representing 110 homebuyers of 'F' Wing, seeks to become a prospective resolution applicant for the wing, as
…The Corporate Debtor, Housing Development and Infrastructure Ltd. (HDIL), faced Corporate Insolvency Resolution Process (CIRP) initiated by Bank of India due to a default of Rs. 522,29,06,768/- on 04.12.2018. The CIRP was initiated on 20.08.2019. The project 'Galaxy Apartment' in Kurla (E), Mumbai, was divided into 6 wings (A to F). The applicant, Galaxy Apartment F Wing Welfare Association, represents 110 homebuyers of the 'F' wing, which is part of a Slum Rehabilitation Scheme. Wings A to E were completed and possession was given, but 'F' wing's construction is pending since 2009, only up to the plinth level, and came to a standstill in 2012. The CoC decided on 08.09.2021 to go for project-wise resolution and divided the Corporate Debtor into 10 Verticals on
…Housing Development and Infrastructure Ltd.…
Adjudicating Authority initiated Corporate…