The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Neeraj Arora and others (Financial Creditors/Allottees) against Real Tech Constructions Private Limited (Corporate Debtor). The Financial Creditors are allottees of a commercial project named 'City Emporio Mall' developed by the Corporate Debtor. The allottees claim that the Corporate Debtor failed to provide physical possession of the units despite receiving consideration. The Corporate Debtor, on the other hand, contends that the petition is not maintainable due to various reasons, including the allottees not meeting the threshold requirements under Section 7(1) of the IBC, the existence of pending litigations, and the project's completion with an occupancy
…Real Tech Constructions Private Limited (Corporate Debtor) initiated a project called 'City Emporio Mall' in Chandigarh. Meters & Instruments Pvt. Ltd. ('Landholder') owned the land. A Property Development Agreement was executed between the Corporate Debtor and the Landholder on 2006-03-02, where the Landholder agreed to collaborate and develop the land. The Corporate Debtor was authorized to build and construct the project. The project was completed, and an occupancy certificate was received on 2012-01-02. The Corporate Debtor floated a scheme for the sale of commercial units. Disputes arose between the Landholder and the Corporate Debtor regarding rights under the agreement. The Landholder allegedly terminated the agreement fraudulently on 2018-02-12. Financial
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Execution of Property Development Agreement…
Project comple…
The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Neeraj Arora and others (Financial Creditors/Allottees) against Real Tech Constructions Private Limited (Corporate Debtor). The Financial Creditors are allottees of a commercial project named 'City Emporio Mall' developed by the Corporate Debtor. The allottees claim that the Corporate Debtor failed to provide physical possession of the units despite receiving consideration. The Corporate Debtor, on the other hand, contends that the petition is not maintainable due to various reasons, including the allottees not meeting the threshold requirements under Section 7(1) of the IBC, the existence of pending litigations, and the project's completion with an occupancy
…Real Tech Constructions Private Limited (Corporate Debtor) initiated a project called 'City Emporio Mall' in Chandigarh. Meters & Instruments Pvt. Ltd. ('Landholder') owned the land. A Property Development Agreement was executed between the Corporate Debtor and the Landholder on 2006-03-02, where the Landholder agreed to collaborate and develop the land. The Corporate Debtor was authorized to build and construct the project. The project was completed, and an occupancy certificate was received on 2012-01-02. The Corporate Debtor floated a scheme for the sale of commercial units. Disputes arose between the Landholder and the Corporate Debtor regarding rights under the agreement. The Landholder allegedly terminated the agreement fraudulently on 2018-02-12. Financial
…Execution of Property Development Agreement…
Project comple…