This is an Interlocutory Application (IA) No. 3600/MB/2024 filed by Mr. Harsh Kishor Sawla and others, who are financial creditors and homebuyers, against the Resolution Professional (RP) of M/S Snehanjali and S.B. Developers Private Limited. The applicants challenge the RP's decision regarding their financial claims in the Corporate Insolvency Resolution Process (CIRP). The applicants had booked 15 flats in 2016 from "S. B. Developers," a partnership firm that was later converted into a company which is now the Corporate Debtor.
In 2016, Mr. Harsh Kishor Sawla, Mr. Kavan Jayant Sawla, Mrs. Beena Jayant Sawla, and Mrs. Bhavna Sawla booked 15 flats in a housing project called O2 undertaken by M/S Snehanjali and S.B. Developers Private Limited. The applicants are financial creditors and homebuyers. The applicants entered into Agreements for Sale and supplementary agreements with "SB Developers," a partnership firm that later became the Corporate Debtor. The supplementary agreements included clauses about penalties for delayed possession. The applicants paid a principal amount of Rs.12,82,15,000/- towards the booking/ purchase of flats. The Respondent/RP admitted only an amount of Rs.1,02,96,000/-. The RP's decision was based on a Transaction Audit Report (TAR) suggesting circular
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This is an Interlocutory Application (IA) No. 3600/MB/2024 filed by Mr. Harsh Kishor Sawla and others, who are financial creditors and homebuyers, against the Resolution Professional (RP) of M/S Snehanjali and S.B. Developers Private Limited. The applicants challenge the RP's decision regarding their financial claims in the Corporate Insolvency Resolution Process (CIRP). The applicants had booked 15 flats in 2016 from "S. B. Developers," a partnership firm that was later converted into a company which is now the Corporate Debtor.
In 2016, Mr. Harsh Kishor Sawla, Mr. Kavan Jayant Sawla, Mrs. Beena Jayant Sawla, and Mrs. Bhavna Sawla booked 15 flats in a housing project called O2 undertaken by M/S Snehanjali and S.B. Developers Private Limited. The applicants are financial creditors and homebuyers. The applicants entered into Agreements for Sale and supplementary agreements with "SB Developers," a partnership firm that later became the Corporate Debtor. The supplementary agreements included clauses about penalties for delayed possession. The applicants paid a principal amount of Rs.12,82,15,000/- towards the booking/ purchase of flats. The Respondent/RP admitted only an amount of Rs.1,02,96,000/-. The RP's decision was based on a Transaction Audit Report (TAR) suggesting circular
…Applicants bo…
Applicants entered into Agreements for Sale with…