The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by Ambica Enclave Private Limited & Ors. (Financial Creditors) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Shreesaibaba Infra Projects Pvt. Ltd. (Corporate Debtor). The Financial Creditors had granted a loan of Rs. 16 Crores to various companies of Proplarity Home Pvt. Ltd. (PHPL), which defaulted on repayment. To secure the repayment, an arrangement was made to sell properties, with the Financial Creditors as confirming parties. A sale deed dated 2017-05-01 was executed by PHPL in favor of the Corporate Debtor, stipulating a payment of ₹3,86,10,000 to the Financial Creditors. However, the cheques were never handed over, and no
…Ambica Enclave Private Limited & Ors. (Financial Creditors) filed an application under Section 7 of the IBC against Shreesaibaba Infra Projects Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP. The Financial Creditors had granted a loan of Rs. 16 Crores to Proplarity Home Pvt. Ltd. (PHPL), which defaulted on repayment. To secure the repayment, PHPL entered into an arrangement to sell properties, with the Financial Creditors as confirming parties. A sale deed dated 2017-05-01 was executed by PHPL in favor of the Corporate Debtor, stipulating a payment of ₹3,86,10,000 to the Financial Creditors as per Clause 35. However, the cheques were never handed over, and no payment was made. The Financial Creditors also claimed that ₹20,00,000 was paid to the Corporate
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The Insolven…
Proplarity Home Pvt. Ltd. (PHPL) executed a…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by Ambica Enclave Private Limited & Ors. (Financial Creditors) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Shreesaibaba Infra Projects Pvt. Ltd. (Corporate Debtor). The Financial Creditors had granted a loan of Rs. 16 Crores to various companies of Proplarity Home Pvt. Ltd. (PHPL), which defaulted on repayment. To secure the repayment, an arrangement was made to sell properties, with the Financial Creditors as confirming parties. A sale deed dated 2017-05-01 was executed by PHPL in favor of the Corporate Debtor, stipulating a payment of ₹3,86,10,000 to the Financial Creditors. However, the cheques were never handed over, and no
…Ambica Enclave Private Limited & Ors. (Financial Creditors) filed an application under Section 7 of the IBC against Shreesaibaba Infra Projects Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP. The Financial Creditors had granted a loan of Rs. 16 Crores to Proplarity Home Pvt. Ltd. (PHPL), which defaulted on repayment. To secure the repayment, PHPL entered into an arrangement to sell properties, with the Financial Creditors as confirming parties. A sale deed dated 2017-05-01 was executed by PHPL in favor of the Corporate Debtor, stipulating a payment of ₹3,86,10,000 to the Financial Creditors as per Clause 35. However, the cheques were never handed over, and no payment was made. The Financial Creditors also claimed that ₹20,00,000 was paid to the Corporate
…The Insolven…
Proplarity Home Pvt. Ltd. (PHPL) executed a…