The case involves an application filed by Innova Premises Co-operative Society Limited, the Financial Creditor/Applicant, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marathon Nextgen Realty Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.1,55,31,417/-, which was the surplus amount of corpus collected from its members for the maintenance of the building occupied by members of the society. The Corporate Debtor objected to the application, arguing that the amount due did not satisfy the conditions of Section 5 (8) (f) of the Code and that the responsibility for maintaining common layout amenities was carried out by the Corporate Debtor.
Innova Premises Co-operative Society Limited, the Financial Creditor, filed an application under Section 7 of the I&B Code seeking initiation of CIRP against Marathon Nextgen Realty Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.1,55,31,417/-, representing the surplus amount of corpus collected from its members for building maintenance. The members of the Applicant Society had entered into Premises Ownership Agreements and were handed over possession of their flats. The Corporate Debtor had received a 6-month deposit for a proportionate share of outgoings. The Corporate Debtor submitted collection and disbursement accounts, showing amounts payable to the proposed condominium. The Corporate Debtor raised debit notes towards allottees'
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The case involves an application filed by Innova Premises Co-operative Society Limited, the Financial Creditor/Applicant, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marathon Nextgen Realty Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.1,55,31,417/-, which was the surplus amount of corpus collected from its members for the maintenance of the building occupied by members of the society. The Corporate Debtor objected to the application, arguing that the amount due did not satisfy the conditions of Section 5 (8) (f) of the Code and that the responsibility for maintaining common layout amenities was carried out by the Corporate Debtor.
Innova Premises Co-operative Society Limited, the Financial Creditor, filed an application under Section 7 of the I&B Code seeking initiation of CIRP against Marathon Nextgen Realty Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs.1,55,31,417/-, representing the surplus amount of corpus collected from its members for building maintenance. The members of the Applicant Society had entered into Premises Ownership Agreements and were handed over possession of their flats. The Corporate Debtor had received a 6-month deposit for a proportionate share of outgoings. The Corporate Debtor submitted collection and disbursement accounts, showing amounts payable to the proposed condominium. The Corporate Debtor raised debit notes towards allottees'
…The Date of Default is…
The Petition i…