The petition was filed by Mr. Raj Kumar Shrivastava and other allottees of units in the 'Elvedor' commercial project developed by Imperia Wishfield Private Limited ('Corporate Debtor') between 2013 and 2016. The financial creditors sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to alleged default in repayment of debt amounting to INR 7,97,22,190/-. The Corporate Debtor was to deliver possession of the units between 2018 and 2021 as per the Retail Buyers' Agreement (RBA), Builder Buyers' Agreement (BBA), and Studio Apartment Buyers' Agreement (SBA). The Corporate Debtor contended delays were due to non-payment by the financial creditors and the COVID-19 pandemic.
Mr. Raj Kumar Shrivastava and other allottees filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Imperia Wishfield Private Limited. The allottees had been allotted units in the 'Elvedor' commercial project between 2013 and 2016. The total debt claimed was INR 7,97,22,190/-. The allottees had paid a total sale consideration of Rs. 6,97,08,167/- to the Corporate Debtor. As per Clause 14 of the RBA/BBA/SBA, the Corporate Debtor was liable to pay compensation for delays in completion. The Corporate Debtor failed to deliver possession of the units between 2018 and 2021 as agreed. The Corporate Debtor contended that the delays were due to non-payment by the financial creditors and the COVID-19 pandemic. The Corporate
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Allotment of units to the financial creditors in…
The Corporate Debtor was to deliver possession…
The petition was filed by Mr. Raj Kumar Shrivastava and other allottees of units in the 'Elvedor' commercial project developed by Imperia Wishfield Private Limited ('Corporate Debtor') between 2013 and 2016. The financial creditors sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to alleged default in repayment of debt amounting to INR 7,97,22,190/-. The Corporate Debtor was to deliver possession of the units between 2018 and 2021 as per the Retail Buyers' Agreement (RBA), Builder Buyers' Agreement (BBA), and Studio Apartment Buyers' Agreement (SBA). The Corporate Debtor contended delays were due to non-payment by the financial creditors and the COVID-19 pandemic.
Mr. Raj Kumar Shrivastava and other allottees filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Imperia Wishfield Private Limited. The allottees had been allotted units in the 'Elvedor' commercial project between 2013 and 2016. The total debt claimed was INR 7,97,22,190/-. The allottees had paid a total sale consideration of Rs. 6,97,08,167/- to the Corporate Debtor. As per Clause 14 of the RBA/BBA/SBA, the Corporate Debtor was liable to pay compensation for delays in completion. The Corporate Debtor failed to deliver possession of the units between 2018 and 2021 as agreed. The Corporate Debtor contended that the delays were due to non-payment by the financial creditors and the COVID-19 pandemic. The Corporate
…Allotment of units to the financial creditors in…
The Corporate Debtor was to deliver possession…