The case involves a Company Petition (IB) No. 485(PB)/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Meenu Chopra (Financial Creditor) against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of Rs. 27,75,000. The petitioner and the corporate debtor had an agreement to sell dated 05.01.2015, regarding a unit in Hotel Towerant, Innovative Legend Heights. The corporate debtor failed to hand over possession of the unit within the agreed time and defaulted in paying the assured return from December 2016 to October 2017. The corporate debtor cited a stay order from the High Court of Punjab and Haryana as a reason for the delay
…Meenu Chopra (Petitioner) filed a Company Petition (IB) No. 485(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor) seeking to initiate CIRP due to a default of Rs. 27,75,000. An agreement to sell dated 05.01.2015 was executed between the parties for a unit in Hotel Towerant, Innovative Legend Heights. The Corporate Debtor was to complete construction within 14 months. The Petitioner made payments totaling Rs. 25,00,000 to the Corporate Debtor via two cheques: Rs. 2,50,000 on 06.10.2014 and Rs. 22,50,000 on 10.12.2014. The Corporate Debtor failed to hand over possession and defaulted on assured returns from December 2016 to October 2017. The Corporate Debtor cited a stay order from the
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The case involves a Company Petition (IB) No. 485(PB)/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Meenu Chopra (Financial Creditor) against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of Rs. 27,75,000. The petitioner and the corporate debtor had an agreement to sell dated 05.01.2015, regarding a unit in Hotel Towerant, Innovative Legend Heights. The corporate debtor failed to hand over possession of the unit within the agreed time and defaulted in paying the assured return from December 2016 to October 2017. The corporate debtor cited a stay order from the High Court of Punjab and Haryana as a reason for the delay
…Meenu Chopra (Petitioner) filed a Company Petition (IB) No. 485(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor) seeking to initiate CIRP due to a default of Rs. 27,75,000. An agreement to sell dated 05.01.2015 was executed between the parties for a unit in Hotel Towerant, Innovative Legend Heights. The Corporate Debtor was to complete construction within 14 months. The Petitioner made payments totaling Rs. 25,00,000 to the Corporate Debtor via two cheques: Rs. 2,50,000 on 06.10.2014 and Rs. 22,50,000 on 10.12.2014. The Corporate Debtor failed to hand over possession and defaulted on assured returns from December 2016 to October 2017. The Corporate Debtor cited a stay order from the
…Petitioner paid Rs.…
Petitioner pa…