The case involves two applications, I.A. No. 457 of 2022 and I.A. No. 458 of 2022, filed by Jason Nath and Manjinder Singh, respectively, seeking to direct the respondent liquidator of M/s Samruddhi Reality Ltd (in liquidation) to register flats in their names and exclude the flats from the liquidation estate of the corporate debtor. The applicants had entered into agreements for sale and construction with the corporate debtor and had paid a significant portion of the consideration. However, the corporate debtor had mortgaged the flats to Indiabulls Housing Finance Ltd without the knowledge of the applicants. The liquidator rejected the applicants' requests to register the flats in their names, citing that mere agreement to sell or possession over property does not
…Jason Nath and Manjinder Singh each entered into separate 'Agreement to Sale and Construction' with M/s Samruddhi Reality Ltd for apartments in the 'Samruddhi Sunshine' project. Jason Nath (I.A. 457) paid 97% (Rs. 34,00,000/- out of Rs. 35,00,000/-) of the consideration for Flat No. 14B, with the agreement registered on 04.05.2013. Manjinder Singh (I.A. 458) paid 100% (Rs. 27,01,000/-) of the consideration for Flat No. 13A, with the agreement registered on 14.02.2013. The agreements stipulated completion within 36 months. Without the applicants' knowledge, M/s Samruddhi Reality Ltd mortgaged the flats to Indiabulls Housing Finance Ltd on 26.07.2016. Jason Nath filed a claim of Rs. 99,00,735, of which Rs. 50,69,721 was admitted by the liquidator. Manjinder Singh filed a
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Manjinder Singh entered into an 'Agreement of…
Jason Nath entered into an “Agreement to…
The case involves two applications, I.A. No. 457 of 2022 and I.A. No. 458 of 2022, filed by Jason Nath and Manjinder Singh, respectively, seeking to direct the respondent liquidator of M/s Samruddhi Reality Ltd (in liquidation) to register flats in their names and exclude the flats from the liquidation estate of the corporate debtor. The applicants had entered into agreements for sale and construction with the corporate debtor and had paid a significant portion of the consideration. However, the corporate debtor had mortgaged the flats to Indiabulls Housing Finance Ltd without the knowledge of the applicants. The liquidator rejected the applicants' requests to register the flats in their names, citing that mere agreement to sell or possession over property does not
…Jason Nath and Manjinder Singh each entered into separate 'Agreement to Sale and Construction' with M/s Samruddhi Reality Ltd for apartments in the 'Samruddhi Sunshine' project. Jason Nath (I.A. 457) paid 97% (Rs. 34,00,000/- out of Rs. 35,00,000/-) of the consideration for Flat No. 14B, with the agreement registered on 04.05.2013. Manjinder Singh (I.A. 458) paid 100% (Rs. 27,01,000/-) of the consideration for Flat No. 13A, with the agreement registered on 14.02.2013. The agreements stipulated completion within 36 months. Without the applicants' knowledge, M/s Samruddhi Reality Ltd mortgaged the flats to Indiabulls Housing Finance Ltd on 26.07.2016. Jason Nath filed a claim of Rs. 99,00,735, of which Rs. 50,69,721 was admitted by the liquidator. Manjinder Singh filed a
…Manjinder Singh entered into an 'Agreement of…
Jason Nath entered into an “Agreement to…