The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Manish Aneja & Ors. (Financial Creditors) against M/s Revital Reality Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors are allottees in a real estate project named 'Basera' and claim that the Corporate Debtor defaulted on delivering possession of the units by the agreed-upon date. The petition was originally filed by 172 allottees, but some withdrew due to settlements. The Corporate Debtor argued that there was no default because the occupancy certificate was not received, and the delay was due to force majeure events and Section 10A of IBC.
The Financial Creditors, consisting of 147 unit-holders, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Revital Reality Private Limited, seeking to initiate CIRP. The Financial Creditors had booked residential units in the Corporate Debtor's project 'Basera' between 2014 and 2017 under the 'Affordable Group Housing Policy, 2013'. The Corporate Debtor issued Allotment Letters and entered into Flat Buyer's Agreements (BBAs) with the Financial Creditors. As per Clause 3.1 of the BBAs, the Corporate Debtor was to complete the project and hand over possession within 4 years from the date of approval of the building plan or grant of Environmental Clearance, whichever was later. The building plan was approved on
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Revital Reality…
Building plan…
The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Manish Aneja & Ors. (Financial Creditors) against M/s Revital Reality Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors are allottees in a real estate project named 'Basera' and claim that the Corporate Debtor defaulted on delivering possession of the units by the agreed-upon date. The petition was originally filed by 172 allottees, but some withdrew due to settlements. The Corporate Debtor argued that there was no default because the occupancy certificate was not received, and the delay was due to force majeure events and Section 10A of IBC.
The Financial Creditors, consisting of 147 unit-holders, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Revital Reality Private Limited, seeking to initiate CIRP. The Financial Creditors had booked residential units in the Corporate Debtor's project 'Basera' between 2014 and 2017 under the 'Affordable Group Housing Policy, 2013'. The Corporate Debtor issued Allotment Letters and entered into Flat Buyer's Agreements (BBAs) with the Financial Creditors. As per Clause 3.1 of the BBAs, the Corporate Debtor was to complete the project and hand over possession within 4 years from the date of approval of the building plan or grant of Environmental Clearance, whichever was later. The building plan was approved on
…Revital Reality…
Building plan…