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) concerning a Joint Development Agreement (JDA) for a property in Bagalagunte Village, Bengaluru. The applicant sought various reliefs, including setting aside the Process Memorandum, directing the Resolution Professional (RP) to consult with the applicant, and restoring possession of the property. The Corporate Debtor initiated Corporate Insolvency Resolution Proceedings (CIRP) which commenced on 16.07.2019. The applicant's previous application (IA No. 25/2020) seeking exclusion of the property from the Corporate Debtor's assets was dismissed. The RP received a Resolution Plan from M/s. V. R.
…Mr. C.S. Harikumar owned 9 acres and 2 guntas of land in Bagalagunte Village, Bengaluru. On 28.03.2011, he entered into a Joint Development Agreement (JDA) with M/s. Sovereign Developers and Infrastructure Ltd. (Corporate Debtor) to develop the property. A General Power of Attorney (GPA) was also executed on the same date. The JDA stipulated a 72:28 sharing ratio in favor of the Corporate Debtor. The Corporate Debtor was to complete the project within 36 months from the date of issuance of the sanctioned plan and construction license. Plans were sanctioned on 13.07.2012. The Corporate Debtor failed to make significant progress, and the Corporation Authorities stopped the work in January 2014. On 09.10.2014, the Applicant issued a notice terminating the JDA and GPA. The
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Mr. C.S. Harikumar enters into a Joint…
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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) concerning a Joint Development Agreement (JDA) for a property in Bagalagunte Village, Bengaluru. The applicant sought various reliefs, including setting aside the Process Memorandum, directing the Resolution Professional (RP) to consult with the applicant, and restoring possession of the property. The Corporate Debtor initiated Corporate Insolvency Resolution Proceedings (CIRP) which commenced on 16.07.2019. The applicant's previous application (IA No. 25/2020) seeking exclusion of the property from the Corporate Debtor's assets was dismissed. The RP received a Resolution Plan from M/s. V. R.
…Mr. C.S. Harikumar owned 9 acres and 2 guntas of land in Bagalagunte Village, Bengaluru. On 28.03.2011, he entered into a Joint Development Agreement (JDA) with M/s. Sovereign Developers and Infrastructure Ltd. (Corporate Debtor) to develop the property. A General Power of Attorney (GPA) was also executed on the same date. The JDA stipulated a 72:28 sharing ratio in favor of the Corporate Debtor. The Corporate Debtor was to complete the project within 36 months from the date of issuance of the sanctioned plan and construction license. Plans were sanctioned on 13.07.2012. The Corporate Debtor failed to make significant progress, and the Corporation Authorities stopped the work in January 2014. On 09.10.2014, the Applicant issued a notice terminating the JDA and GPA. The
…Mr. C.S. Harikumar enters into a Joint…
Plans for the…