The case involves an application filed by Shri Gaurav Agarwal (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Star Valley Heights LLP (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. The Financial Creditor had paid a registration amount to purchase a flat in the Corporate Debtor's project, 'Star Valley Aegina'. An Agreement to Sale was entered on 12.04.2016. The project was later scrapped, and a new project named 'Laxmi Vilas' was started at the same location. The Financial Creditor then discovered that the new project was registered with RERA with a commencement date of 11.01.2017. The Corporate Debtor admitted to receiving a token amount
…Shri Gaurav Agarwal (Financial Creditor) paid Rs. 4,39,290/- to M/s Star Valley Heights LLP (Corporate Debtor) as a registration amount for a flat in the 'Star Valley Aegina' project. An Agreement to Sale was executed on 2016-04-12 for Flat No. 1002, a 3BHK flat with an area of 1220.25 sq. ft. The Corporate Debtor was to raise a demand note for payment as per the construction plan. The project was later scrapped, and a new project, 'Laxmi Vilas', was started on the same location, registered with RERA with commencement date 2017-01-11. The Financial Creditor discovered this in January 2019. The Corporate Debtor admitted to receiving the token amount. The Corporate Debtor offered a flat in 'Shree Ratna' project, adjusting the penalty amount. The Financial Creditor
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Agreement to Sale entered between Shri Gaurav…
Commencement date of…
The case involves an application filed by Shri Gaurav Agarwal (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Star Valley Heights LLP (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. The Financial Creditor had paid a registration amount to purchase a flat in the Corporate Debtor's project, 'Star Valley Aegina'. An Agreement to Sale was entered on 12.04.2016. The project was later scrapped, and a new project named 'Laxmi Vilas' was started at the same location. The Financial Creditor then discovered that the new project was registered with RERA with a commencement date of 11.01.2017. The Corporate Debtor admitted to receiving a token amount
…Shri Gaurav Agarwal (Financial Creditor) paid Rs. 4,39,290/- to M/s Star Valley Heights LLP (Corporate Debtor) as a registration amount for a flat in the 'Star Valley Aegina' project. An Agreement to Sale was executed on 2016-04-12 for Flat No. 1002, a 3BHK flat with an area of 1220.25 sq. ft. The Corporate Debtor was to raise a demand note for payment as per the construction plan. The project was later scrapped, and a new project, 'Laxmi Vilas', was started on the same location, registered with RERA with commencement date 2017-01-11. The Financial Creditor discovered this in January 2019. The Corporate Debtor admitted to receiving the token amount. The Corporate Debtor offered a flat in 'Shree Ratna' project, adjusting the penalty amount. The Financial Creditor
…Agreement to Sale entered between Shri Gaurav…
Commencement date of…