The application was filed on 06.10.2023 by the Financial Creditors/Allottees under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 in Form 1 against the Corporate Debtor, Pushpanjali Realms and Infratech Private Limited, for a total financial debt of Rs. 4,14,69,058. This debt comprises Rs. 3,51,43,272 paid towards the allotment of units in the "Orchid Park" project and Rs. 63,25,786 towards interest. The Corporate Debtor initiated the "Orchid Park" group housing project by purchasing land and entering into a collaboration agreement with the Mussoorie Dehradun Development Authority (MDDA). The project consists of 8 towers with various
…The case involves Pushpanjali Realms and Infratech Limited, a real estate company, and several financial creditors/allottees who invested in the "Orchid Park" project. The allottees filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a total financial debt of Rs. 4,14,69,058, which includes the principal amount paid for the allotment of units and interest. The Corporate Debtor initiated the project by purchasing land and entering into a collaboration agreement with the MDDA. The project consisted of 8 towers with various apartment configurations. The Corporate Debtor persuaded individual allottees to apply for units through marketing and advertisements, leading to Allotment Agreements. The allottees complied with the
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The application was filed on 06.10.2023 by the Financial Creditors/Allottees under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 in Form 1 against the Corporate Debtor, Pushpanjali Realms and Infratech Private Limited, for a total financial debt of Rs. 4,14,69,058. This debt comprises Rs. 3,51,43,272 paid towards the allotment of units in the "Orchid Park" project and Rs. 63,25,786 towards interest. The Corporate Debtor initiated the "Orchid Park" group housing project by purchasing land and entering into a collaboration agreement with the Mussoorie Dehradun Development Authority (MDDA). The project consists of 8 towers with various
…The case involves Pushpanjali Realms and Infratech Limited, a real estate company, and several financial creditors/allottees who invested in the "Orchid Park" project. The allottees filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a total financial debt of Rs. 4,14,69,058, which includes the principal amount paid for the allotment of units and interest. The Corporate Debtor initiated the project by purchasing land and entering into a collaboration agreement with the MDDA. The project consisted of 8 towers with various apartment configurations. The Corporate Debtor persuaded individual allottees to apply for units through marketing and advertisements, leading to Allotment Agreements. The allottees complied with the
…Corporate Debtor has been receiving the…
Four out of six directors resigned in the…