HT Media Limited, the financial creditor (FC), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Imperia Structures Limited, the corporate debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹3,24,09,246, comprising principal and interest, based on apartment buyer agreements (ABAs) and a buy-back clause. The CD contended that the application was barred by limitation, there was no default, and the FC was attempting to use insolvency proceedings as a debt recovery tool. The CD argued that the transaction was part of a larger barter arrangement involving advertising services.
HT Media Limited (FC) and Imperia Structures Limited (CD) entered into three Apartment Buyer Agreements (ABAs) dated 11.07.2013 for units C-1901, C-2103, and C-2003 in 'The Esfera' project. Clause 60 of the supplementary agreements provided a buy-back option for the FC after 24 months with 12% compounded interest. The FC invoked the buy-back clause on 10.07.2018, demanding repayment. The CD did not repay. The FC filed an application under Section 7 of IBC in August 2019 for ₹3,24,09,246, including principal and interest. The CD argued the application was time-barred, stemming from a default date of 10.07.2015, and that the FC's claim was part of a larger barter arrangement involving advertising services. The CD also argued that the FC was an allottee and the
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Imperia Structures…
HT Media Limited entered into three…
HT Media Limited, the financial creditor (FC), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Imperia Structures Limited, the corporate debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹3,24,09,246, comprising principal and interest, based on apartment buyer agreements (ABAs) and a buy-back clause. The CD contended that the application was barred by limitation, there was no default, and the FC was attempting to use insolvency proceedings as a debt recovery tool. The CD argued that the transaction was part of a larger barter arrangement involving advertising services.
HT Media Limited (FC) and Imperia Structures Limited (CD) entered into three Apartment Buyer Agreements (ABAs) dated 11.07.2013 for units C-1901, C-2103, and C-2003 in 'The Esfera' project. Clause 60 of the supplementary agreements provided a buy-back option for the FC after 24 months with 12% compounded interest. The FC invoked the buy-back clause on 10.07.2018, demanding repayment. The CD did not repay. The FC filed an application under Section 7 of IBC in August 2019 for ₹3,24,09,246, including principal and interest. The CD argued the application was time-barred, stemming from a default date of 10.07.2015, and that the FC's claim was part of a larger barter arrangement involving advertising services. The CD also argued that the FC was an allottee and the
…Imperia Structures…
HT Media Limited entered into three…