This case involves an application filed by Mohammad Zahid Khan, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lakshya Realties Pvt Ltd, the Corporate Debtor. The operational debt claimed is Rs 6,67,53,517, including principal and interest, with a default date of 26.05.2021. The Corporate Debtor and Operational Creditor entered into two development agreements in 2011 and 2012. The Operational Creditor claims to have completed the work as per the agreements by May 2015 and raised final bills for Rs 1,21,88,222, which remained unpaid despite acknowledgements. The Operational Creditor issued reminder letters from August 2015 to March 2020. A demand notice
…Mohammad Zahid Khan (Operational Creditor) filed an application under Section 9 of the IBC against Lakshya Realties Pvt Ltd (Corporate Debtor) for initiating CIRP. The claimed operational debt is Rs 6,67,53,517, including principal (Rs 1,21,88,222) and interest (Rs 5,55,65,295), with a default date of 26.05.2021. The parties entered into two development agreements in 2011 and 2012. The Operational Creditor completed work by May 2015 and raised final bills for Rs 1,21,88,222, which remained unpaid. Reminder letters were issued from August 2015 to March 2020. A demand notice was issued on 25.03.2023, but the Corporate Debtor did not respond. The Corporate Debtor's financial condition was poor as of March 2013, and it was struck off the RoC Gwalior's records on
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Lakshya Realties Private Limited entered into a…
Lakshya Realties Private Limited entered into a…
This case involves an application filed by Mohammad Zahid Khan, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lakshya Realties Pvt Ltd, the Corporate Debtor. The operational debt claimed is Rs 6,67,53,517, including principal and interest, with a default date of 26.05.2021. The Corporate Debtor and Operational Creditor entered into two development agreements in 2011 and 2012. The Operational Creditor claims to have completed the work as per the agreements by May 2015 and raised final bills for Rs 1,21,88,222, which remained unpaid despite acknowledgements. The Operational Creditor issued reminder letters from August 2015 to March 2020. A demand notice
…Mohammad Zahid Khan (Operational Creditor) filed an application under Section 9 of the IBC against Lakshya Realties Pvt Ltd (Corporate Debtor) for initiating CIRP. The claimed operational debt is Rs 6,67,53,517, including principal (Rs 1,21,88,222) and interest (Rs 5,55,65,295), with a default date of 26.05.2021. The parties entered into two development agreements in 2011 and 2012. The Operational Creditor completed work by May 2015 and raised final bills for Rs 1,21,88,222, which remained unpaid. Reminder letters were issued from August 2015 to March 2020. A demand notice was issued on 25.03.2023, but the Corporate Debtor did not respond. The Corporate Debtor's financial condition was poor as of March 2013, and it was struck off the RoC Gwalior's records on
…Lakshya Realties Private Limited entered into a…
Lakshya Realties Private Limited entered into a…