The case involves an application (I.A. 5045/2023) filed for the dismissal of a Company Petition (CP (IB) – 888/(PB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The main petition was filed by homebuyers/financial creditors (Neeraj Kumar Dubey & Ors) against Rudra Buildwell Projects Pvt. Ltd., seeking initiation of corporate insolvency resolution process. The application for dismissal was filed by Rudra Buildwell Projects Pvt. Ltd., primarily arguing that the financial creditors did not meet the mandatory threshold requirement under Section 7(1) of the IBC, as some allottees had already withdrawn from the project and obtained Recovery Certificates (RCs) from UPRERA.
Neeraj Kumar Dubey & Ors, acting as financial creditors and homebuyers of the 'Rudra Palace Heights' project, filed a Company Petition (CP (IB) – 888/(PB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate corporate insolvency resolution process (CIRP) against Rudra Buildwell Projects Pvt. Ltd. Rudra Buildwell Projects Pvt. Ltd. filed an application (I.A. 5045/2023) seeking dismissal of the petition. The grounds for dismissal included allegations that the financial creditors were guilty of concealment and suppression, forum shopping, and abuse of process. The corporate debtor argued that some of the allottees had already withdrawn from the project and approached UPRERA for cancellation of their allotments, obtaining
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The case involves an application (I.A. 5045/2023) filed for the dismissal of a Company Petition (CP (IB) – 888/(PB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The main petition was filed by homebuyers/financial creditors (Neeraj Kumar Dubey & Ors) against Rudra Buildwell Projects Pvt. Ltd., seeking initiation of corporate insolvency resolution process. The application for dismissal was filed by Rudra Buildwell Projects Pvt. Ltd., primarily arguing that the financial creditors did not meet the mandatory threshold requirement under Section 7(1) of the IBC, as some allottees had already withdrawn from the project and obtained Recovery Certificates (RCs) from UPRERA.
Neeraj Kumar Dubey & Ors, acting as financial creditors and homebuyers of the 'Rudra Palace Heights' project, filed a Company Petition (CP (IB) – 888/(PB)/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate corporate insolvency resolution process (CIRP) against Rudra Buildwell Projects Pvt. Ltd. Rudra Buildwell Projects Pvt. Ltd. filed an application (I.A. 5045/2023) seeking dismissal of the petition. The grounds for dismissal included allegations that the financial creditors were guilty of concealment and suppression, forum shopping, and abuse of process. The corporate debtor argued that some of the allottees had already withdrawn from the project and approached UPRERA for cancellation of their allotments, obtaining
…The captioned…
Order Pronoun…