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 Corporate Debtor. 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 with "S. B. Developers," a partnership firm later converted into the Corporate Debtor. The RP partially admitted the claims, leading to this application.
In 2016, Mr. Harsh Kishor Sawla, Mr. Kavan Jayant Sawla, Mrs. Beena Jayant Sawla, and Mrs. Bhavna Sawla (the Applicants) booked 15 flats in a housing project called O2 undertaken by M/S Snehanjali and S.B. Developers Private Limited (the Corporate Debtor). The Applicants are considered financial creditors and homebuyers. The Applicants purchased the flats from "S. B. Developers," a partnership firm that was later converted into the Corporate Debtor on 14.01.2019. Mr. Kishor Sawla and Mr. Jayant Sawla, fathers/husbands of the Applicants, were partners in "SB Developers" until their retirement in 2016. Supplementary agreements were executed between the Applicants and “SB Developers” including clauses about penalties for delayed possession. The
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"S. B. Developers"…
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 Corporate Debtor. 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 with "S. B. Developers," a partnership firm later converted into the Corporate Debtor. The RP partially admitted the claims, leading to this application.
In 2016, Mr. Harsh Kishor Sawla, Mr. Kavan Jayant Sawla, Mrs. Beena Jayant Sawla, and Mrs. Bhavna Sawla (the Applicants) booked 15 flats in a housing project called O2 undertaken by M/S Snehanjali and S.B. Developers Private Limited (the Corporate Debtor). The Applicants are considered financial creditors and homebuyers. The Applicants purchased the flats from "S. B. Developers," a partnership firm that was later converted into the Corporate Debtor on 14.01.2019. Mr. Kishor Sawla and Mr. Jayant Sawla, fathers/husbands of the Applicants, were partners in "SB Developers" until their retirement in 2016. Supplementary agreements were executed between the Applicants and “SB Developers” including clauses about penalties for delayed possession. The
…Applicants bo…
"S. B. Developers"…