The case involves an application (I.A. No. 384/JPR/2023) filed by the Resolution Professional (Tara Chand Meenia) of M/s Maha Associated Hotels Pvt. Ltd. ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The application challenges the cancellation of the lease deed for industrial land belonging to the Corporate Debtor. The respondent, Rajasthan State Industrial Development & Investment Corporate Limited ('RIICO'), allotted the land to the Corporate Debtor for constructing a hotel. A lease agreement was executed, and possession was handed over. However, RIICO later cancelled the allotment due to non-compliance with the terms and conditions, specifically the failure to obtain environmental
…RIICO allotted land to M/s Maha Associated Hotels Pvt. Ltd. ('Corporate Debtor') for hotel construction via an allotment letter dated 2011-11-15. A lease agreement was executed on 2012-01-04, with possession transferred to the Corporate Debtor. The Corporate Debtor was required to obtain environmental clearances from the Rajasthan State Pollution Control Board ('RSPCB'). The Corporate Debtor made representations to RSPCB but did not receive the necessary permissions. RIICO cancelled the allotment on 2017-10-27, citing failure to construct the minimum Floor Area Ratio (FAR) of 20%. The Corporate Debtor appealed to RIICO's Managing Director, who set aside the cancellation on 2018-02-19, noting the delay was due to RSPCB's inaction. RIICO then demanded restoration
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RIICO allotted the subject land to the…
The Corporate Debtor…
The case involves an application (I.A. No. 384/JPR/2023) filed by the Resolution Professional (Tara Chand Meenia) of M/s Maha Associated Hotels Pvt. Ltd. ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The application challenges the cancellation of the lease deed for industrial land belonging to the Corporate Debtor. The respondent, Rajasthan State Industrial Development & Investment Corporate Limited ('RIICO'), allotted the land to the Corporate Debtor for constructing a hotel. A lease agreement was executed, and possession was handed over. However, RIICO later cancelled the allotment due to non-compliance with the terms and conditions, specifically the failure to obtain environmental
…RIICO allotted land to M/s Maha Associated Hotels Pvt. Ltd. ('Corporate Debtor') for hotel construction via an allotment letter dated 2011-11-15. A lease agreement was executed on 2012-01-04, with possession transferred to the Corporate Debtor. The Corporate Debtor was required to obtain environmental clearances from the Rajasthan State Pollution Control Board ('RSPCB'). The Corporate Debtor made representations to RSPCB but did not receive the necessary permissions. RIICO cancelled the allotment on 2017-10-27, citing failure to construct the minimum Floor Area Ratio (FAR) of 20%. The Corporate Debtor appealed to RIICO's Managing Director, who set aside the cancellation on 2018-02-19, noting the delay was due to RSPCB's inaction. RIICO then demanded restoration
…RIICO allotted the subject land to the…
The Corporate Debtor…