Akriti Infrastructure Private Limited, the Financial Creditor (FC), filed a Company Petition (CP(IB) No. 4148/MB/2018) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited, the Corporate Debtor (CD). The FC claimed a default of Rs. 11,68,58,087/-, comprising a principal amount of Rs. 3,30,00,000/- and interest. The CD contested the application, arguing that the FC was an allottee under the RERA Act and did not meet the threshold requirements for initiating CIRP after amendments to the IBC. The CD also raised concerns about a similar application filed by the FC's sister concern and criminal proceedings initiated by the FC.
Akriti Infrastructure Private Limited (FC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited (CD). The FC and CD are both engaged in real estate construction. The FC claimed that the CD defaulted on a payment of Rs. 11,68,58,087/-, which included a principal amount of Rs. 3,30,00,000/- and interest. The FC had made advance payments to the CD for the purchase of flats in a proposed building. An agreement was entered into on 15.03.2011 for the purchase of flats. The CD had issued a letter on 01.04.2012 confirming receipt of Rs. 3,30,00,000/-. The CD later confirmed the conversion of the advance payments into a loan account. The
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Company Petition…
FC made a payment of…
Akriti Infrastructure Private Limited, the Financial Creditor (FC), filed a Company Petition (CP(IB) No. 4148/MB/2018) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited, the Corporate Debtor (CD). The FC claimed a default of Rs. 11,68,58,087/-, comprising a principal amount of Rs. 3,30,00,000/- and interest. The CD contested the application, arguing that the FC was an allottee under the RERA Act and did not meet the threshold requirements for initiating CIRP after amendments to the IBC. The CD also raised concerns about a similar application filed by the FC's sister concern and criminal proceedings initiated by the FC.
Akriti Infrastructure Private Limited (FC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited (CD). The FC and CD are both engaged in real estate construction. The FC claimed that the CD defaulted on a payment of Rs. 11,68,58,087/-, which included a principal amount of Rs. 3,30,00,000/- and interest. The FC had made advance payments to the CD for the purchase of flats in a proposed building. An agreement was entered into on 15.03.2011 for the purchase of flats. The CD had issued a letter on 01.04.2012 confirming receipt of Rs. 3,30,00,000/-. The CD later confirmed the conversion of the advance payments into a loan account. The
…Company Petition…
FC made a payment of…