This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by financial creditors (homebuyers) against Raheja Developers Limited, the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The homebuyers are allottees of the 'Raheja Shilas' project in Sector 109, Gurugram, Haryana. The applicants claim that the corporate debtor defaulted on handing over possession of the units within the stipulated time, leading to a financial debt and subsequent default. The corporate debtor contends that the delay was due to force majeure conditions and that the application is time-barred.
The applicants, 43 in number, are financial creditors/homebuyers who invested in the 'Raheja Shilas' project located in Sector 109, Gurugram, Haryana. The project was developed by Raheja Developers Limited, the corporate debtor. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming that the corporate debtor defaulted on handing over possession of the units within the agreed-upon timeframe. The total amount of default claimed is Rs. 112,90,63,124/-. The corporate debtor obtained a license from the Director General, Town & Country Planning (DTCP), Haryana, for the development of a Residential Group Housing Colony. The corporate debtor also obtained RERA registration for the project. The applicants submitted that
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Raheja Developers…
License No. 257 of 2007…
This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by financial creditors (homebuyers) against Raheja Developers Limited, the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The homebuyers are allottees of the 'Raheja Shilas' project in Sector 109, Gurugram, Haryana. The applicants claim that the corporate debtor defaulted on handing over possession of the units within the stipulated time, leading to a financial debt and subsequent default. The corporate debtor contends that the delay was due to force majeure conditions and that the application is time-barred.
The applicants, 43 in number, are financial creditors/homebuyers who invested in the 'Raheja Shilas' project located in Sector 109, Gurugram, Haryana. The project was developed by Raheja Developers Limited, the corporate debtor. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming that the corporate debtor defaulted on handing over possession of the units within the agreed-upon timeframe. The total amount of default claimed is Rs. 112,90,63,124/-. The corporate debtor obtained a license from the Director General, Town & Country Planning (DTCP), Haryana, for the development of a Residential Group Housing Colony. The corporate debtor also obtained RERA registration for the project. The applicants submitted that
…Raheja Developers…
License No. 257 of 2007…