This case involves an application filed by the Resolution Professional (RP) of Unishire Lifestyle Dwellings LLP, a Corporate Debtor (CD), under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The RP sought a direction to the Respondents to remove illegal temporary construction on the Schedule Property and permit the RP to take possession. The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD on 08.03.2022. The CD had entered into a Joint Development Agreement (JDA) and General Power of Attorney (GPA) with the Respondents for developing properties in Jakkur Village, Bengaluru. Disputes arose, with the Respondents claiming the JDA and GPA had expired and initiating legal proceedings in civil court. The RP argued that
…M/s. Unishire Lifestyle Dwellings LLP (Corporate Debtor) entered into a Joint Development Agreement (JDA) and General Power of Attorney (GPA) with landowners (Respondents) for property development in Jakkur Village, Bengaluru. The properties are Survey No. 85/7B and Survey No. 85/6, totaling 2 acres 21 guntas, referred to as the "Schedule Property." The JDA was executed on 13.09.2013 and registered. The Corporate Debtor paid a non-refundable Security Deposit of Rs.20,00,000. The Corporate Debtor obtained possession of the Schedule Property for development and secured necessary approvals for construction. Disputes arose, and the landowners (Respondents) claimed the JDA and GPA had expired, issuing a legal notice of cancellation on 16.08.2017. They also
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The Joint Development Agreement (JDA) and…
The Respondents issued…
This case involves an application filed by the Resolution Professional (RP) of Unishire Lifestyle Dwellings LLP, a Corporate Debtor (CD), under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The RP sought a direction to the Respondents to remove illegal temporary construction on the Schedule Property and permit the RP to take possession. The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD on 08.03.2022. The CD had entered into a Joint Development Agreement (JDA) and General Power of Attorney (GPA) with the Respondents for developing properties in Jakkur Village, Bengaluru. Disputes arose, with the Respondents claiming the JDA and GPA had expired and initiating legal proceedings in civil court. The RP argued that
…M/s. Unishire Lifestyle Dwellings LLP (Corporate Debtor) entered into a Joint Development Agreement (JDA) and General Power of Attorney (GPA) with landowners (Respondents) for property development in Jakkur Village, Bengaluru. The properties are Survey No. 85/7B and Survey No. 85/6, totaling 2 acres 21 guntas, referred to as the "Schedule Property." The JDA was executed on 13.09.2013 and registered. The Corporate Debtor paid a non-refundable Security Deposit of Rs.20,00,000. The Corporate Debtor obtained possession of the Schedule Property for development and secured necessary approvals for construction. Disputes arose, and the landowners (Respondents) claimed the JDA and GPA had expired, issuing a legal notice of cancellation on 16.08.2017. They also
…The Joint Development Agreement (JDA) and…
The Respondents issued…