The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajiv Garg (Financial Creditor) against Tulsaini Constructions and Developers Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had extended a loan of Rs. 1,00,00,000 to the Corporate Debtor, who was engaged in developing integrated townships and housing complexes. The agreement was in the nature of an investment in the Group Housing Project "Tulsiani Golf view Apartment," with the Corporate Debtor agreeing to allot two flats to the Financial Creditor. A settlement agreement was reached on 25.04.2018, but the Corporate Debtor failed to adhere to its terms. The Financial Creditor then approached
…Rajiv Garg (Financial Creditor) extended a loan of Rs. 1,00,00,000 to Tulsaini Constructions and Developers Pvt. Ltd. (Corporate Debtor) for investment in the "Tulsiani Golf view Apartment" project, with an agreement for allotment of two flats. A buyback clause existed, requiring the Corporate Debtor to buy back the allotted flats by 06.12.2014 for Rs. 1,30,00,000. The loan was reconstituted multiple times. A settlement agreement was reached on 25.04.2018, acknowledging a liability of Rs. 1,10,00,000, including litigation costs. The Corporate Debtor paid Rs. 25,00,000 but failed to adhere to the remaining terms. A legal notice was sent on 24.09.2020, claiming Rs. 97,50,000 plus interest, totaling Rs. 1,30,33,919. The Corporate Debtor did not respond to the
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The petitioner (Mr. Rajiv Garg) had entered…
Clause VI of the agreement states that there…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajiv Garg (Financial Creditor) against Tulsaini Constructions and Developers Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had extended a loan of Rs. 1,00,00,000 to the Corporate Debtor, who was engaged in developing integrated townships and housing complexes. The agreement was in the nature of an investment in the Group Housing Project "Tulsiani Golf view Apartment," with the Corporate Debtor agreeing to allot two flats to the Financial Creditor. A settlement agreement was reached on 25.04.2018, but the Corporate Debtor failed to adhere to its terms. The Financial Creditor then approached
…Rajiv Garg (Financial Creditor) extended a loan of Rs. 1,00,00,000 to Tulsaini Constructions and Developers Pvt. Ltd. (Corporate Debtor) for investment in the "Tulsiani Golf view Apartment" project, with an agreement for allotment of two flats. A buyback clause existed, requiring the Corporate Debtor to buy back the allotted flats by 06.12.2014 for Rs. 1,30,00,000. The loan was reconstituted multiple times. A settlement agreement was reached on 25.04.2018, acknowledging a liability of Rs. 1,10,00,000, including litigation costs. The Corporate Debtor paid Rs. 25,00,000 but failed to adhere to the remaining terms. A legal notice was sent on 24.09.2020, claiming Rs. 97,50,000 plus interest, totaling Rs. 1,30,33,919. The Corporate Debtor did not respond to the
…The petitioner (Mr. Rajiv Garg) had entered…
Clause VI of the agreement states that there…