The case involves an application (IA/739/2022) filed in connection with a company petition (C.P.(IB)-4149(MB)/2018) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The initial company petition was filed by Abhigyan Developers Private Limited against Shreepati Build Infra Investment Limited, seeking to initiate CIRP. The NCLAT had previously set aside the admission order and remanded the case back to the Adjudicating Authority to consider the objection of maintainability under the third proviso of Section 7(1) of the IBC. The financial creditor and the corporate debtor had entered into an agreement for the purchase of flats, but due to lack of necessary permissions, the construction did not commence, and the amount was converted into a loan
…Abhigyan Developers Private Limited (Financial Creditor) filed a company petition against Shreepati Build Infra Investment Limited (Corporate Debtor) to initiate CIRP under Section 7 of the IBC. The Financial Creditor and Corporate Debtor entered into an agreement on 15.02.2011 for the purchase of flats for Rs. 3,50,00,000/-. The Corporate Debtor could not commence construction due to lack of permissions, and the amount was converted into a loan account. Shreepati Build Infra Investment Ltd. issued a letter on 31.03.2015 stating that if it is unable to obtain requisite permission from the appropriate authorities, the entire sum of Rs. 3,50,00,000/- shall be repaid along with 12% cumulative interest per annum. The Respondent confirmed conversion of payment made towards
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Financial Creditor and Corporate Debtor…
Corporate Debtor issued…
The case involves an application (IA/739/2022) filed in connection with a company petition (C.P.(IB)-4149(MB)/2018) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The initial company petition was filed by Abhigyan Developers Private Limited against Shreepati Build Infra Investment Limited, seeking to initiate CIRP. The NCLAT had previously set aside the admission order and remanded the case back to the Adjudicating Authority to consider the objection of maintainability under the third proviso of Section 7(1) of the IBC. The financial creditor and the corporate debtor had entered into an agreement for the purchase of flats, but due to lack of necessary permissions, the construction did not commence, and the amount was converted into a loan
…Abhigyan Developers Private Limited (Financial Creditor) filed a company petition against Shreepati Build Infra Investment Limited (Corporate Debtor) to initiate CIRP under Section 7 of the IBC. The Financial Creditor and Corporate Debtor entered into an agreement on 15.02.2011 for the purchase of flats for Rs. 3,50,00,000/-. The Corporate Debtor could not commence construction due to lack of permissions, and the amount was converted into a loan account. Shreepati Build Infra Investment Ltd. issued a letter on 31.03.2015 stating that if it is unable to obtain requisite permission from the appropriate authorities, the entire sum of Rs. 3,50,00,000/- shall be repaid along with 12% cumulative interest per annum. The Respondent confirmed conversion of payment made towards
…Financial Creditor and Corporate Debtor…
Corporate Debtor issued…