The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Habib Sheikh and others, who are the 'Applicants/Financial Creditors', seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Samiah International Builders Limited, the 'Respondent'. The applicants had booked flats/units in the "Green View Apartment" project being developed by the respondent. The respondent is a company incorporated on 19.09.2003 under the erstwhile Companies Act, 1956.
Habib Sheikh and other applicants, claiming to be financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Samiah International Builders Limited. The applicants had booked flats/units in the "Green View Apartment" project developed by the respondent. Payments were made to Arcmate Samiah Consortium, a registered partnership firm, and not directly to the respondent. The respondent argued there was no privity of contract. The total number of units in the project is 406, with 344 units sold. The court noted that most applicants jointly purchased their units. A representative of Arcmate Samiah Consortium sent a letter stating there were no funds for completion of the project. The applicants
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Samiah International…
Arcmate Samiah…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Habib Sheikh and others, who are the 'Applicants/Financial Creditors', seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Samiah International Builders Limited, the 'Respondent'. The applicants had booked flats/units in the "Green View Apartment" project being developed by the respondent. The respondent is a company incorporated on 19.09.2003 under the erstwhile Companies Act, 1956.
Habib Sheikh and other applicants, claiming to be financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Samiah International Builders Limited. The applicants had booked flats/units in the "Green View Apartment" project developed by the respondent. Payments were made to Arcmate Samiah Consortium, a registered partnership firm, and not directly to the respondent. The respondent argued there was no privity of contract. The total number of units in the project is 406, with 344 units sold. The court noted that most applicants jointly purchased their units. A representative of Arcmate Samiah Consortium sent a letter stating there were no funds for completion of the project. The applicants
…Samiah International…
Arcmate Samiah…