The case involves an application (MA 2248/2019) filed by Mrs. Seema K. Nayar and Mr. K. Vijaya Mohan Valiathan, who are financial creditors as flat owners, against Mather Projects Private Limited, the corporate debtor. The applicants claimed a total financial debt of approximately Rs.49.69 lakhs. The applicants, as joint flat purchasers in the 'Hacienda' project, alleged that a Deed of Assignment dated 05.09.2018, assigning the construction of remaining flats to M/s Locus Construction Private Limited, was an undervalued/preferential transaction and should be set aside. They also alleged that the successful Resolution Applicant, Mr. Mohammed Shaffi Mather, was a related party of the Corporate Debtor and thus ineligible.
Mrs. Seema K. Nayar and Mr. K. Vijaya Mohan Valiathan, as financial creditors and flat owners in the 'Hacienda' project of Mather Projects Private Limited (the Corporate Debtor), filed an application (MA 2248/2019) claiming Rs.49.69 lakhs in financial debt. They alleged that a Deed of Assignment dated 05.09.2018, assigning the construction of remaining flats to M/s Locus Construction Private Limited, was an undervalued/preferential transaction. The applicants also contended that the successful Resolution Applicant, Mr. Mohammed Shaffi Mather, was a related party of the Corporate Debtor, making him ineligible. The CIRP of the Corporate Debtor commenced on 30.11.2018, and the Resolution Plan submitted by Mr. Mohammed Shaffi Mather was approved with 72.37% vote of the CoC
…Sign in to view the parties.
Deed of Assignment executed, assigning the…
CIRP of the Corporate…
The case involves an application (MA 2248/2019) filed by Mrs. Seema K. Nayar and Mr. K. Vijaya Mohan Valiathan, who are financial creditors as flat owners, against Mather Projects Private Limited, the corporate debtor. The applicants claimed a total financial debt of approximately Rs.49.69 lakhs. The applicants, as joint flat purchasers in the 'Hacienda' project, alleged that a Deed of Assignment dated 05.09.2018, assigning the construction of remaining flats to M/s Locus Construction Private Limited, was an undervalued/preferential transaction and should be set aside. They also alleged that the successful Resolution Applicant, Mr. Mohammed Shaffi Mather, was a related party of the Corporate Debtor and thus ineligible.
Mrs. Seema K. Nayar and Mr. K. Vijaya Mohan Valiathan, as financial creditors and flat owners in the 'Hacienda' project of Mather Projects Private Limited (the Corporate Debtor), filed an application (MA 2248/2019) claiming Rs.49.69 lakhs in financial debt. They alleged that a Deed of Assignment dated 05.09.2018, assigning the construction of remaining flats to M/s Locus Construction Private Limited, was an undervalued/preferential transaction. The applicants also contended that the successful Resolution Applicant, Mr. Mohammed Shaffi Mather, was a related party of the Corporate Debtor, making him ineligible. The CIRP of the Corporate Debtor commenced on 30.11.2018, and the Resolution Plan submitted by Mr. Mohammed Shaffi Mather was approved with 72.37% vote of the CoC
…Deed of Assignment executed, assigning the…
CIRP of the Corporate…