The case involves an application (IA No. 270 of 2021) filed by Mr. C.S. Harikumar, a landowner, against M/s. Sovereign Developers and Infrastructure Ltd. (Corporate Debtor) represented by its Resolution Professional, Mr. Balakrishnan V. The application seeks reliefs related to a Joint Development Agreement (JDA) entered into between the applicant and the corporate debtor for the development of a property owned by the applicant. The applicant alleges that the corporate debtor failed to fulfill its obligations under the JDA, leading to project delays and abandonment. The applicant challenges the Process Memorandum issued by the Resolution Professional and seeks various directions, including setting aside the Process Memorandum, directing the Resolution Professional to
…Mr. C.S. Harikumar owns land in Bagalagunte Village, Bengaluru, measuring 9 acres and 2 guntas. He entered into a Joint Development Agreement (JDA) with M/s. Sovereign Developers and Infrastructure Ltd. on 28.03.2011 to develop the property. A General Power of Attorney (GPA) was also executed, granting the Corporate Debtor authority to act on his behalf. The JDA stipulated that the Corporate Debtor would complete the project within 36 months from the date of issuance of the sanctioned plan and construction license. The Corporate Debtor was responsible for preparing necessary plans and drawings and obtaining necessary plan sanctions. The sharing ratio was agreed at 72% for the Corporate Debtor and 28% for the Applicant. Plans were sanctioned on 13.07.2012. The Applicant
…Sign in to view the parties.
Mr. C.S. Harikumar entered into a Joint…
Plans were sanctioned by the concerned…
The case involves an application (IA No. 270 of 2021) filed by Mr. C.S. Harikumar, a landowner, against M/s. Sovereign Developers and Infrastructure Ltd. (Corporate Debtor) represented by its Resolution Professional, Mr. Balakrishnan V. The application seeks reliefs related to a Joint Development Agreement (JDA) entered into between the applicant and the corporate debtor for the development of a property owned by the applicant. The applicant alleges that the corporate debtor failed to fulfill its obligations under the JDA, leading to project delays and abandonment. The applicant challenges the Process Memorandum issued by the Resolution Professional and seeks various directions, including setting aside the Process Memorandum, directing the Resolution Professional to
…Mr. C.S. Harikumar owns land in Bagalagunte Village, Bengaluru, measuring 9 acres and 2 guntas. He entered into a Joint Development Agreement (JDA) with M/s. Sovereign Developers and Infrastructure Ltd. on 28.03.2011 to develop the property. A General Power of Attorney (GPA) was also executed, granting the Corporate Debtor authority to act on his behalf. The JDA stipulated that the Corporate Debtor would complete the project within 36 months from the date of issuance of the sanctioned plan and construction license. The Corporate Debtor was responsible for preparing necessary plans and drawings and obtaining necessary plan sanctions. The sharing ratio was agreed at 72% for the Corporate Debtor and 28% for the Applicant. Plans were sanctioned on 13.07.2012. The Applicant
…Mr. C.S. Harikumar entered into a Joint…
Plans were sanctioned by the concerned…