This case involves an application (IA No. 3892/MB/2024) filed by Sujata Shekar Shah and others (Financial Creditors) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission to amend their Company Petition (CP(IB) No. 2054 of 2019). The applicants are allottees in a real estate project named 'Oasis Avani' launched by Mirador Construction Private Limited (Corporate Debtor). They invested sums in the project, which the Corporate Debtor was obligated to repay with interest. The Corporate Debtor failed to fulfill its obligations. The applicants filed the main application on 03.06.2019. Section 7 of the Code was amended, prescribing a minimum of 100 allottees or not less than 10% of the total number of allottees for jointly filing an application.
…Sujata Shekar Shah and others, acting as Financial Creditors, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to amend their Company Petition. They are allottees in the 'Oasis Avani' real estate project by Mirador Construction Private Limited (Corporate Debtor). The applicants invested in the project, with the Corporate Debtor obligated to repay the amount with interest. The Corporate Debtor failed to meet these obligations. The initial application was filed on June 3, 2019. An amendment to Section 7 of the IBC required a minimum of 100 allottees or 10% of total allottees for filing such applications. The Main Application was dismissed due to insufficient allottees. An appeal to NCLAT resulted in the matter being sent back to the
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The Applicants/Financial…
Section 7 of the IBC was amended, prescribing…
This case involves an application (IA No. 3892/MB/2024) filed by Sujata Shekar Shah and others (Financial Creditors) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission to amend their Company Petition (CP(IB) No. 2054 of 2019). The applicants are allottees in a real estate project named 'Oasis Avani' launched by Mirador Construction Private Limited (Corporate Debtor). They invested sums in the project, which the Corporate Debtor was obligated to repay with interest. The Corporate Debtor failed to fulfill its obligations. The applicants filed the main application on 03.06.2019. Section 7 of the Code was amended, prescribing a minimum of 100 allottees or not less than 10% of the total number of allottees for jointly filing an application.
…Sujata Shekar Shah and others, acting as Financial Creditors, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to amend their Company Petition. They are allottees in the 'Oasis Avani' real estate project by Mirador Construction Private Limited (Corporate Debtor). The applicants invested in the project, with the Corporate Debtor obligated to repay the amount with interest. The Corporate Debtor failed to meet these obligations. The initial application was filed on June 3, 2019. An amendment to Section 7 of the IBC required a minimum of 100 allottees or 10% of total allottees for filing such applications. The Main Application was dismissed due to insufficient allottees. An appeal to NCLAT resulted in the matter being sent back to the
…The Applicants/Financial…
Section 7 of the IBC was amended, prescribing…