The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company Petition (C.P. (IB) No. 216/MB/2019) which was initially disposed of based on consent terms agreed upon between the applicant and the respondent, M/s Kavya Buildcon Pvt. Ltd. The applicant claimed that the respondent breached the consent terms. The initial petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, because the applicant had purchased a flat from the respondent/corporate debtor for Rs. 65,68,664/- and was issued a letter of allotment dated 14.01.2016, thus making the applicant a financial creditor. The respondent argued that the application was not maintainable due to the death of the applicant and non-compliance with the amended provisions
…Bhupendra Pancholi (Applicant) purchased a flat from M/s Kavya Buildcon Pvt. Ltd. (Respondent/Corporate Debtor) for Rs. 65,68,664/- and received a letter of allotment dated 14.01.2016. Due to non-payment, the applicant filed C.P (IB)/216(MB)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Consent terms were agreed upon, and the petition was disposed of on 17.10.2019. The Corporate Debtor was obligated to pay Rs. 80,68,664/- as per the consent terms. The Corporate Debtor failed to comply with the consent terms. The Applicant issued a notice dated 05.03.2021 to the Respondent. The Applicant died, and an application was filed by the widow to be impleaded as the legal heir. The Respondent argued that the application was not maintainable due to the death
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The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company Petition (C.P. (IB) No. 216/MB/2019) which was initially disposed of based on consent terms agreed upon between the applicant and the respondent, M/s Kavya Buildcon Pvt. Ltd. The applicant claimed that the respondent breached the consent terms. The initial petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, because the applicant had purchased a flat from the respondent/corporate debtor for Rs. 65,68,664/- and was issued a letter of allotment dated 14.01.2016, thus making the applicant a financial creditor. The respondent argued that the application was not maintainable due to the death of the applicant and non-compliance with the amended provisions
…Bhupendra Pancholi (Applicant) purchased a flat from M/s Kavya Buildcon Pvt. Ltd. (Respondent/Corporate Debtor) for Rs. 65,68,664/- and received a letter of allotment dated 14.01.2016. Due to non-payment, the applicant filed C.P (IB)/216(MB)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Consent terms were agreed upon, and the petition was disposed of on 17.10.2019. The Corporate Debtor was obligated to pay Rs. 80,68,664/- as per the consent terms. The Corporate Debtor failed to comply with the consent terms. The Applicant issued a notice dated 05.03.2021 to the Respondent. The Applicant died, and an application was filed by the widow to be impleaded as the legal heir. The Respondent argued that the application was not maintainable due to the death
…Respondent issued a…
Applicant fil…