The case involves an application filed by M/s. Japan Estates Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Rudra Buildwell Projects Pvt. Ltd. (Corporate Debtor) for a default in repayment of debt amounting to Rs. 1,17,18,000/- as of 01.10.2019, with an interest rate of 23.17% per annum. The Corporate Debtor had approached the Financial Creditor in September 2017 for developing a residential township, and the Financial Creditor expressed interest in purchasing residential units. A Master Apartment Purchase Agreement was executed, and the Financial Creditor paid Rs. 2,03,58,000/-. The Corporate Debtor failed to hand over the flats within the stipulated
…In September 2017, Rudra Buildwell Projects Pvt. Ltd. (Corporate Debtor) approached Japan Estates Pvt. Ltd. (Financial Creditor) for funds to develop a residential township called 'Raudra Palace Heights'. Japan Estates agreed to purchase residential units in the project, paying Rs. 2,03,58,000/- under a Master Apartment Purchase Agreement dated 27.02.2017. Rudra Buildwell failed to deliver the flats within the agreed timeframe. Consequently, a Termination Agreement was executed on 07.07.2017, where Rudra Buildwell admitted its inability to hand over the flats and agreed to refund the consideration with interest. Rudra Buildwell made some payments but defaulted on the remaining amount. As of 01.10.2019, the outstanding debt was Rs. 1,17,18,000/- with a 23.17% annual
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M/s. Japan Estates Pvt. Ltd. and M/s. Rudra…
A Termination Agreement was executed between…
The case involves an application filed by M/s. Japan Estates Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Rudra Buildwell Projects Pvt. Ltd. (Corporate Debtor) for a default in repayment of debt amounting to Rs. 1,17,18,000/- as of 01.10.2019, with an interest rate of 23.17% per annum. The Corporate Debtor had approached the Financial Creditor in September 2017 for developing a residential township, and the Financial Creditor expressed interest in purchasing residential units. A Master Apartment Purchase Agreement was executed, and the Financial Creditor paid Rs. 2,03,58,000/-. The Corporate Debtor failed to hand over the flats within the stipulated
…In September 2017, Rudra Buildwell Projects Pvt. Ltd. (Corporate Debtor) approached Japan Estates Pvt. Ltd. (Financial Creditor) for funds to develop a residential township called 'Raudra Palace Heights'. Japan Estates agreed to purchase residential units in the project, paying Rs. 2,03,58,000/- under a Master Apartment Purchase Agreement dated 27.02.2017. Rudra Buildwell failed to deliver the flats within the agreed timeframe. Consequently, a Termination Agreement was executed on 07.07.2017, where Rudra Buildwell admitted its inability to hand over the flats and agreed to refund the consideration with interest. Rudra Buildwell made some payments but defaulted on the remaining amount. As of 01.10.2019, the outstanding debt was Rs. 1,17,18,000/- with a 23.17% annual
…M/s. Japan Estates Pvt. Ltd. and M/s. Rudra…
A Termination Agreement was executed between…