Sri Brindhavan Brick Works, a partnership firm, filed an application under Section 60(5) of the IBC, 2016 against Mr. Ashish Vyas, the Resolution Professional of Mann Sarovar Properties Development Private Limited. The applicant sought to direct the RP to recall Form G, which included the applicant's land in Manapakkam Village as part of the corporate debtor's assets. The applicant claimed a Joint Development Agreement (JDA) with the corporate debtor was terminated due to the corporate debtor's failure to develop the land as agreed, and the applicant had cancelled the Power of Attorney (PoA) granted to the corporate debtor. The RP contended that the corporate debtor had invested in the project and had rights under the JDA, which could not be unilaterally terminated.
…Sri Brindhavan Brick Works, a partnership firm, entered into a Joint Development Agreement (JDA) with Mann Sarovar Properties Development Private Limited on 14.11.2003 for developing a property in Manapakkam Village. The applicant was to receive 24% of the super built-up area, while the corporate debtor was to retain 76%. The applicant handed over original title deeds and executed a General Power of Attorney (PoA) in favor of the corporate debtor. The corporate debtor was to complete the project within 6 years. The applicant alleged that the corporate debtor failed to take any steps towards performing its obligations for development as stipulated under the JDA. The applicant terminated the JDA on 20.05.2019 and cancelled the PoA on 27.05.2019. The applicant invoked the
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Sri Brindhavan Brick Works, a partnership firm, filed an application under Section 60(5) of the IBC, 2016 against Mr. Ashish Vyas, the Resolution Professional of Mann Sarovar Properties Development Private Limited. The applicant sought to direct the RP to recall Form G, which included the applicant's land in Manapakkam Village as part of the corporate debtor's assets. The applicant claimed a Joint Development Agreement (JDA) with the corporate debtor was terminated due to the corporate debtor's failure to develop the land as agreed, and the applicant had cancelled the Power of Attorney (PoA) granted to the corporate debtor. The RP contended that the corporate debtor had invested in the project and had rights under the JDA, which could not be unilaterally terminated.
…Sri Brindhavan Brick Works, a partnership firm, entered into a Joint Development Agreement (JDA) with Mann Sarovar Properties Development Private Limited on 14.11.2003 for developing a property in Manapakkam Village. The applicant was to receive 24% of the super built-up area, while the corporate debtor was to retain 76%. The applicant handed over original title deeds and executed a General Power of Attorney (PoA) in favor of the corporate debtor. The corporate debtor was to complete the project within 6 years. The applicant alleged that the corporate debtor failed to take any steps towards performing its obligations for development as stipulated under the JDA. The applicant terminated the JDA on 20.05.2019 and cancelled the PoA on 27.05.2019. The applicant invoked the
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