The case involves an application filed by the Interim Resolution Professional (IRP) seeking a direction against SLB Welfare Association to handover the peaceful custody and control of a real estate project, "Sampada Livia," which is an asset of the Corporate Debtor, PSA Impex Pvt. Ltd. The IRP also sought directions to the Local District Administration for assistance in taking possession of the project site. The SLB Welfare Association resisted, claiming the project was transferred to them by RERA authorities and that the Corporate Debtor had defaulted in completing the project. The CIRP initiation was also challenged as fraudulent.
The Interim Resolution Professional (IRP) for PSA Impex Pvt. Ltd. filed an application seeking possession of the real estate project "Sampada Livia" from SLB Welfare Association. The Corporate Debtor, PSA Impex Pvt. Ltd., owns the project. The SLB Welfare Association refused to handover possession, claiming the project was transferred to them by RERA authorities due to the Corporate Debtor's default. The U.P. RERA had directed revocation of the registration of the promoter under Section 7 of the RERA Act, 2016. The SLB Welfare Association also alleged that the CIRP initiation was obtained fraudulently. The CIRP of the Corporate Debtor commenced on 18.04.2022. An appeal against the CIRP initiation is pending before the NCLAT. The IRP argued that IBC has an
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CIRP of the Co…
Order delivere…
The case involves an application filed by the Interim Resolution Professional (IRP) seeking a direction against SLB Welfare Association to handover the peaceful custody and control of a real estate project, "Sampada Livia," which is an asset of the Corporate Debtor, PSA Impex Pvt. Ltd. The IRP also sought directions to the Local District Administration for assistance in taking possession of the project site. The SLB Welfare Association resisted, claiming the project was transferred to them by RERA authorities and that the Corporate Debtor had defaulted in completing the project. The CIRP initiation was also challenged as fraudulent.
The Interim Resolution Professional (IRP) for PSA Impex Pvt. Ltd. filed an application seeking possession of the real estate project "Sampada Livia" from SLB Welfare Association. The Corporate Debtor, PSA Impex Pvt. Ltd., owns the project. The SLB Welfare Association refused to handover possession, claiming the project was transferred to them by RERA authorities due to the Corporate Debtor's default. The U.P. RERA had directed revocation of the registration of the promoter under Section 7 of the RERA Act, 2016. The SLB Welfare Association also alleged that the CIRP initiation was obtained fraudulently. The CIRP of the Corporate Debtor commenced on 18.04.2022. An appeal against the CIRP initiation is pending before the NCLAT. The IRP argued that IBC has an
…CIRP of the Co…
Order delivere…