The case involves an application filed by Mahindra World City Developers Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Om Shakthy Agencies (Madras) Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into a Land Procurement Agreement dated 20.12.2007, which was amended till 21.07.2011, where the Corporate Debtor was to procure 1000 acres of patta land. The Operational Creditor made an advance secured by a mortgage. As of 31.12.2013, the Corporate Debtor had acquired only 527 acres. The Operational Creditor claimed Rs.70,63,07,704/-, including principal of Rs.32,26,22,500/- and interest of Rs.38,36,85,204/-, with

The case involves an application filed by Mahindra World City Developers Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Om Shakthy Agencies (Madras) Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor entered into a Land Procurement Agreement dated 20.12.2007, which was amended till 21.07.2011, where the Corporate Debtor was to procure 1000 acres of patta land. The Operational Creditor made an advance secured by a mortgage. As of 31.12.2013, the Corporate Debtor had acquired only 527 acres. The Operational Creditor claimed Rs.70,63,07,704/-, including principal of Rs.32,26,22,500/- and interest of Rs.38,36,85,204/-, with