M/s. RKM Land Promoters Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. NCL Holdings (A&S) Limited, the corporate debtor, for defaulting on an operational debt of Rs. 9,10,00,000. The operational creditor claimed to have made advance payments for a land sale agreement that did not materialize, and the corporate debtor allegedly sold the property to a third party without their knowledge. The corporate debtor denied the allegations, claiming the issues were civil in nature and that there was no enforceable contract.
M/s. RKM Land Promoters Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. NCL Holdings (A&S) Limited (Corporate Debtor) for an alleged default of Rs. 9,10,00,000. The Operational Creditor claimed to have paid Rs. 24,47,09,900 between January 2021 and July 2022, followed by an advance of Rs. 9,10,00,000 on 27.07.2022, to the Corporate Debtor for a land sale agreement involving 2,87,894 sq. ft. of land in Achittipalli village, Krishnagiri. The Corporate Debtor allegedly sold the property to a third party without the Operational Creditor's knowledge. The Operational Creditor issued a legal notice on 14.02.2023, followed by a Form-3 Demand Notice, after the Corporate Debtor denied liability on 15.03.2023. The Corporate Debtor
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Operational Creditor paid Rs.24,47,09,900/-…
Operational Creditor…
M/s. RKM Land Promoters Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. NCL Holdings (A&S) Limited, the corporate debtor, for defaulting on an operational debt of Rs. 9,10,00,000. The operational creditor claimed to have made advance payments for a land sale agreement that did not materialize, and the corporate debtor allegedly sold the property to a third party without their knowledge. The corporate debtor denied the allegations, claiming the issues were civil in nature and that there was no enforceable contract.
M/s. RKM Land Promoters Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. NCL Holdings (A&S) Limited (Corporate Debtor) for an alleged default of Rs. 9,10,00,000. The Operational Creditor claimed to have paid Rs. 24,47,09,900 between January 2021 and July 2022, followed by an advance of Rs. 9,10,00,000 on 27.07.2022, to the Corporate Debtor for a land sale agreement involving 2,87,894 sq. ft. of land in Achittipalli village, Krishnagiri. The Corporate Debtor allegedly sold the property to a third party without the Operational Creditor's knowledge. The Operational Creditor issued a legal notice on 14.02.2023, followed by a Form-3 Demand Notice, after the Corporate Debtor denied liability on 15.03.2023. The Corporate Debtor
…Operational Creditor paid Rs.24,47,09,900/-…
Operational Creditor…