An application was filed by M/s Ananya Infraventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Tulsiani Constructions & Developers Private Limited, claiming a default of INR 3,18,37,033/-. The applicant claimed this amount was comprised of a principal amount of INR 1,34,74,800/- and interest. The corporate debtor (CD) argued that there was no financial debt, and the amount received was a token advance for purchasing agricultural land for a joint infrastructure project, which the applicant failed to honor, leading to forfeiture of the advance. The CD also contended that the application was barred by limitation.
M/s Ananya Infraventures Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Tulsiani Constructions & Developers Private Limited (Corporate Debtor) claiming a default of INR 3,18,37,033/-. The Applicant claimed to have extended an unsecured loan of INR 1,89,12,800/- to the CD in 2012. The CD denied the existence of any financial debt, stating that the amount was received as a token advance for purchasing agricultural land for a joint infrastructure project, which the Applicant failed to honor, leading to forfeiture of the advance. The Applicant had given the property bearing Plot No.3, Block N, Green Park (Main), New Delhi-110016 on lease for monthly rent of INR 30,000/- to the CD. The Applicant
…Sign in to view the parties.
Applicant extended an…
Applicant allegedly…
Sign in to view related legal provisions.
An application was filed by M/s Ananya Infraventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Tulsiani Constructions & Developers Private Limited, claiming a default of INR 3,18,37,033/-. The applicant claimed this amount was comprised of a principal amount of INR 1,34,74,800/- and interest. The corporate debtor (CD) argued that there was no financial debt, and the amount received was a token advance for purchasing agricultural land for a joint infrastructure project, which the applicant failed to honor, leading to forfeiture of the advance. The CD also contended that the application was barred by limitation.
M/s Ananya Infraventures Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Tulsiani Constructions & Developers Private Limited (Corporate Debtor) claiming a default of INR 3,18,37,033/-. The Applicant claimed to have extended an unsecured loan of INR 1,89,12,800/- to the CD in 2012. The CD denied the existence of any financial debt, stating that the amount was received as a token advance for purchasing agricultural land for a joint infrastructure project, which the Applicant failed to honor, leading to forfeiture of the advance. The Applicant had given the property bearing Plot No.3, Block N, Green Park (Main), New Delhi-110016 on lease for monthly rent of INR 30,000/- to the CD. The Applicant
…Applicant extended an…
Applicant allegedly…
Sign in to view related legal provisions.