The case originates from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors who booked a total of 26 units in the real estate project 'Senior Builder Mall, Sector-32 NOIDA'. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against Senior Builders Limited, the corporate debtor, for dues amounting to Rs. 11,94,29,229/-. The Adjudicating Authority is seeking clarification on the status of the land on which the project is situated, as the lease deed was allegedly cancelled by the NOIDA Authority. The Authority also seeks clarification regarding the registration of the project with the RERA authority.
Financial creditors filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against Senior Builders Limited, the corporate debtor. The financial creditors had booked 26 units in the 'Senior Builder Mall, Sector-32 NOIDA' real estate project. The total dues claimed amount to Rs. 11,94,29,229/-. The corporate debtor stated that the land for the project is on lease taken by M/S MMT Amusement Park Pvt. Ltd., which is not a party to the petition. The corporate debtor also claimed that the completion certificate could not be obtained because NOIDA Authority cancelled the lease deed executed in favor of M/S MMT Amusement Park Pvt. Limited. The building plans were sanctioned by NOIDA Authority vide letter No.
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The case originates from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors who booked a total of 26 units in the real estate project 'Senior Builder Mall, Sector-32 NOIDA'. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against Senior Builders Limited, the corporate debtor, for dues amounting to Rs. 11,94,29,229/-. The Adjudicating Authority is seeking clarification on the status of the land on which the project is situated, as the lease deed was allegedly cancelled by the NOIDA Authority. The Authority also seeks clarification regarding the registration of the project with the RERA authority.
Financial creditors filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against Senior Builders Limited, the corporate debtor. The financial creditors had booked 26 units in the 'Senior Builder Mall, Sector-32 NOIDA' real estate project. The total dues claimed amount to Rs. 11,94,29,229/-. The corporate debtor stated that the land for the project is on lease taken by M/S MMT Amusement Park Pvt. Ltd., which is not a party to the petition. The corporate debtor also claimed that the completion certificate could not be obtained because NOIDA Authority cancelled the lease deed executed in favor of M/S MMT Amusement Park Pvt. Limited. The building plans were sanctioned by NOIDA Authority vide letter No.
…The matter was heard…
Building plans were sanctioned by…