The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ms. Rita Malhotra and Ors. (Financial Creditor) against M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially filed on 23.01.2019. The financial creditor claimed a default of Rs. 3,60,612/-. The Corporate Debtor was incorporated on 26.07.2006 and is involved in real estate activities. The applicants had entered into an agreement with the Corporate Debtor for allotment of office space in a commercial project, with an assured return on their investment. The applicants alleged breach of the agreement due to non-payment of the assured return.
Ms. Rita Malhotra and Ms. Bina Chopra (Financial Creditors) applied for allotment of office space in a commercial project developed by M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor). They paid Rs. 2,00,000 on 14.04.2010, Rs. 5,00,000 on 17.04.2010, and Rs. 22,98,000 on 24.04.2010. An agreement was entered on 24.04.2010, allotting them office space admeasuring 1071 Sq. Ft. on the 14th floor with Unit No.1414 at Rs.2799.253 per Sq. Ft., totaling Rs. 29,98,000. A Space Buyers Agreement was executed on 26.04.2010. The agreement stipulated an assured investment return of Rs. 60 per sq.ft. per month. The Corporate Debtor offered temporary possession on 10.03.2017. The Financial Creditors filed a previous petition (IB-640(PB)/2018) which was withdrawn after a
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The present application was filed on 23.01.2019…
Applicants applied for…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ms. Rita Malhotra and Ors. (Financial Creditor) against M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially filed on 23.01.2019. The financial creditor claimed a default of Rs. 3,60,612/-. The Corporate Debtor was incorporated on 26.07.2006 and is involved in real estate activities. The applicants had entered into an agreement with the Corporate Debtor for allotment of office space in a commercial project, with an assured return on their investment. The applicants alleged breach of the agreement due to non-payment of the assured return.
Ms. Rita Malhotra and Ms. Bina Chopra (Financial Creditors) applied for allotment of office space in a commercial project developed by M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor). They paid Rs. 2,00,000 on 14.04.2010, Rs. 5,00,000 on 17.04.2010, and Rs. 22,98,000 on 24.04.2010. An agreement was entered on 24.04.2010, allotting them office space admeasuring 1071 Sq. Ft. on the 14th floor with Unit No.1414 at Rs.2799.253 per Sq. Ft., totaling Rs. 29,98,000. A Space Buyers Agreement was executed on 26.04.2010. The agreement stipulated an assured investment return of Rs. 60 per sq.ft. per month. The Corporate Debtor offered temporary possession on 10.03.2017. The Financial Creditors filed a previous petition (IB-640(PB)/2018) which was withdrawn after a
…The present application was filed on 23.01.2019…
Applicants applied for…