The case involves a petition filed by Satya Prakash Aggarwal, proprietor of R.C Developers (the Financial Creditor), under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rashmi Infra-Structure Developers Limited (the Corporate Debtor). The claim arises from an outstanding amount of Rs. 22,40,18,273/-. The Corporate Debtor was to obtain approvals for the IOD and CC concerning the 2nd sale Building of the Slum Project. The Financial Creditor disbursed amounts to the Corporate Debtor for the slum project, based on MOUs. The Corporate Debtor failed to obtain the necessary approvals, leading to the Financial Creditor sending a legal notice. The Corporate Debtor contended that the
…Satya Prakash Aggarwal, proprietor of R.C Developers, is the Financial Creditor. Rashmi Infra-Structure Developers Limited is the Corporate Debtor. The Financial Creditor filed a petition under Section 7 of the IBC seeking initiation of CIRP against the Corporate Debtor. The total amount outstanding is Rs. 22,40,18,273/-, payable to the Corporate Debtor. The date of default is 30.09.2019, as per the Memorandum of Understanding and letter dated 18.04.2019. Prior to 2004, Amalgamated Building Corporation obtained a letter of intent for slum rehabilitation. The Corporate Debtor obtained Development Rights and power of Attorney from Amalgamated Building Corporation. Four MOUs were executed between the Corporate Debtor and the Financial Creditor on 08.01.2018, 08.05.2018,
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First MOU executed…
Second MOU executed…
The case involves a petition filed by Satya Prakash Aggarwal, proprietor of R.C Developers (the Financial Creditor), under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rashmi Infra-Structure Developers Limited (the Corporate Debtor). The claim arises from an outstanding amount of Rs. 22,40,18,273/-. The Corporate Debtor was to obtain approvals for the IOD and CC concerning the 2nd sale Building of the Slum Project. The Financial Creditor disbursed amounts to the Corporate Debtor for the slum project, based on MOUs. The Corporate Debtor failed to obtain the necessary approvals, leading to the Financial Creditor sending a legal notice. The Corporate Debtor contended that the
…Satya Prakash Aggarwal, proprietor of R.C Developers, is the Financial Creditor. Rashmi Infra-Structure Developers Limited is the Corporate Debtor. The Financial Creditor filed a petition under Section 7 of the IBC seeking initiation of CIRP against the Corporate Debtor. The total amount outstanding is Rs. 22,40,18,273/-, payable to the Corporate Debtor. The date of default is 30.09.2019, as per the Memorandum of Understanding and letter dated 18.04.2019. Prior to 2004, Amalgamated Building Corporation obtained a letter of intent for slum rehabilitation. The Corporate Debtor obtained Development Rights and power of Attorney from Amalgamated Building Corporation. Four MOUs were executed between the Corporate Debtor and the Financial Creditor on 08.01.2018, 08.05.2018,
…First MOU executed…
Second MOU executed…