Aarif Ahsan Khan filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the partial rejection of his claims by the Resolution Professional (RP). Khan, a homebuyer in 'The Grove Towers' project developed by Ornate Spaces Private Limited (Corporate Debtor), sought directions for the RP to accept his claim as a 'Homebuyer'. The RP partially accepted Khan's claim, leading to the application before the NCLT.
Aarif Ahsan Khan, a homebuyer, booked two flats (No. 2907 and 3007) in 'The Grove Towers' project developed by Ornate Spaces Private Limited. He made payments totaling Rs. 1,05,00,000 for Flat No. 2907 and Rs. 3,33,00,000 for Flat No. 3007. Some payments were made directly to the Corporate Debtor, while others were made to Ornate Developers, allegedly on the instructions of the Corporate Debtor's director. The Resolution Professional (RP) partially accepted Khan's claim, admitting amounts paid directly to the Corporate Debtor but rejecting amounts paid to Ornate Developers. Bank statements revealed that the funds used by Khan to make these payments were received from Ornate Spaces Pvt. Ltd. and Aryan Spaces, raising suspicion of fund diversion from the Corporate
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Aarif Ahsan Khan filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the partial rejection of his claims by the Resolution Professional (RP). Khan, a homebuyer in 'The Grove Towers' project developed by Ornate Spaces Private Limited (Corporate Debtor), sought directions for the RP to accept his claim as a 'Homebuyer'. The RP partially accepted Khan's claim, leading to the application before the NCLT.
Aarif Ahsan Khan, a homebuyer, booked two flats (No. 2907 and 3007) in 'The Grove Towers' project developed by Ornate Spaces Private Limited. He made payments totaling Rs. 1,05,00,000 for Flat No. 2907 and Rs. 3,33,00,000 for Flat No. 3007. Some payments were made directly to the Corporate Debtor, while others were made to Ornate Developers, allegedly on the instructions of the Corporate Debtor's director. The Resolution Professional (RP) partially accepted Khan's claim, admitting amounts paid directly to the Corporate Debtor but rejecting amounts paid to Ornate Developers. Bank statements revealed that the funds used by Khan to make these payments were received from Ornate Spaces Pvt. Ltd. and Aryan Spaces, raising suspicion of fund diversion from the Corporate
…The Insolven…
Provisional allotment…