RSM Infra Partners, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Siddhivinayak Skyscrapers Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application, C.P. (IB) No. 1155/MB-IV/2020, was filed on 24.07.2020. The Operational Creditor and Corporate Debtor had entered into a Memorandum of Agreement (MOA) on 02.08.2016 for the assignment of rights of lease in a plot of land. The default date mentioned in the application is 15.01.2020. The Corporate Debtor failed to fulfill its obligations under the MOU, leading to the application for CIRP.
RSM Infra Partners (Operational Creditor) and Siddhivinayak Skyscrapers Private Limited (Corporate Debtor) entered into a Memorandum of Agreement (MOA) on 02.08.2016 for the assignment of lease rights in a plot of land. The Corporate Debtor was to purchase the plot from Kuber Builders, who had acquired leasehold rights from CIDCO. The Corporate Debtor agreed to pay Kuber Rs. 97 crores for the land. The Operational Creditor was to step into Kuber's shoes as the prospective lessee, with a consideration of Rs. 40 crores payable to the Corporate Debtor. The Operational Creditor paid Rs. 1 crore to the Corporate Debtor towards the transaction. The Corporate Debtor failed to introduce the Operational Creditor as a nominee in the Sessions Court proceedings or execute a
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RSM Infra Partners, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Siddhivinayak Skyscrapers Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application, C.P. (IB) No. 1155/MB-IV/2020, was filed on 24.07.2020. The Operational Creditor and Corporate Debtor had entered into a Memorandum of Agreement (MOA) on 02.08.2016 for the assignment of rights of lease in a plot of land. The default date mentioned in the application is 15.01.2020. The Corporate Debtor failed to fulfill its obligations under the MOU, leading to the application for CIRP.
RSM Infra Partners (Operational Creditor) and Siddhivinayak Skyscrapers Private Limited (Corporate Debtor) entered into a Memorandum of Agreement (MOA) on 02.08.2016 for the assignment of lease rights in a plot of land. The Corporate Debtor was to purchase the plot from Kuber Builders, who had acquired leasehold rights from CIDCO. The Corporate Debtor agreed to pay Kuber Rs. 97 crores for the land. The Operational Creditor was to step into Kuber's shoes as the prospective lessee, with a consideration of Rs. 40 crores payable to the Corporate Debtor. The Operational Creditor paid Rs. 1 crore to the Corporate Debtor towards the transaction. The Corporate Debtor failed to introduce the Operational Creditor as a nominee in the Sessions Court proceedings or execute a
…The Operational Creditor and Corporate Debtor…
The date of de…