The case involves an application filed by Ms. Rita Malhotra and Ors., financial creditors, against M/s Orris Infrastructure Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially filed on 23.01.2019. The financial creditors 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 known as Floreal Tower. The agreement included an assured return on the investment. The applicants alleged breach of the agreement due to non-payment of the
…Ms. Rita Malhotra and Ms. Bina Chopra (the applicants) entered into an agreement with M/s Orris Infrastructure Pvt. Ltd. (the corporate debtor) for allotment of office space in the Floreal Tower project. The applicants 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 executed on 24.04.2010, allotting 1071 sq. ft. of office space 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 return of Rs. 60/- per sq. ft. per month. The applicants alleged that the corporate debtor breached the agreement by failing to pay the assured return, resulting in a default of Rs. 3,60,612/-. The applicants initially filed a petition
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The present application was filed before the…
A petition under section 7 of the IBC bearing…
The case involves an application filed by Ms. Rita Malhotra and Ors., financial creditors, against M/s Orris Infrastructure Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially filed on 23.01.2019. The financial creditors 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 known as Floreal Tower. The agreement included an assured return on the investment. The applicants alleged breach of the agreement due to non-payment of the
…Ms. Rita Malhotra and Ms. Bina Chopra (the applicants) entered into an agreement with M/s Orris Infrastructure Pvt. Ltd. (the corporate debtor) for allotment of office space in the Floreal Tower project. The applicants 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 executed on 24.04.2010, allotting 1071 sq. ft. of office space 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 return of Rs. 60/- per sq. ft. per month. The applicants alleged that the corporate debtor breached the agreement by failing to pay the assured return, resulting in a default of Rs. 3,60,612/-. The applicants initially filed a petition
…The present application was filed before the…
A petition under section 7 of the IBC bearing…