The Applicant, IRP of M/s Blaze Promoters Pvt. Ltd., filed an application seeking direction to the Respondent, Resolution Professional for M/s Universal Buildwell Pvt. Ltd., to handover an area measuring 43,183 Sq. Ft. in Universal Business Park Project at Badhshahpur, Gurugram, Haryana, based on Section 18 of IBC, 2016. The Applicant claimed ownership of the property based on a Collaboration Agreement and a Sale Deed. The Respondent contested the claim, stating that the Directors of both companies are the same, the Applicant paid no consideration for the land, and the Corporate Debtor paid Rs.35.17 Crores as consideration as per Clause 14 of the Collaboration Agreement. The RP also argued that the Applicant's claim contradicts the balance sheet of Blaze Promoters and
…Blaze Promoters Pvt. Ltd., the Applicant, claimed ownership of 43,183 Sq. Ft. in Universal Business Park Project at Badhshahpur, Gurugram, Haryana, based on a Collaboration Agreement dated 28.09.2008 and a Sale Deed dated 12.01.2011. Universal Buildwell Private Limited, the Corporate Debtor, was undergoing CIRP. The Applicant sought direction from the NCLT to the RP of Universal Buildwell to handover the said area. The RP of Universal Buildwell opposed the application, contending that the directors of both companies are the same, Blaze Promoters paid no consideration for the land, and Universal Buildwell paid Rs.35.17 Crores as consideration. The RP also argued that the Applicant's claim contradicted the balance sheet of Blaze Promoters and that the RP received no
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Universal Buildwell Private Limited was admitted…
A resolution p…
The Applicant, IRP of M/s Blaze Promoters Pvt. Ltd., filed an application seeking direction to the Respondent, Resolution Professional for M/s Universal Buildwell Pvt. Ltd., to handover an area measuring 43,183 Sq. Ft. in Universal Business Park Project at Badhshahpur, Gurugram, Haryana, based on Section 18 of IBC, 2016. The Applicant claimed ownership of the property based on a Collaboration Agreement and a Sale Deed. The Respondent contested the claim, stating that the Directors of both companies are the same, the Applicant paid no consideration for the land, and the Corporate Debtor paid Rs.35.17 Crores as consideration as per Clause 14 of the Collaboration Agreement. The RP also argued that the Applicant's claim contradicts the balance sheet of Blaze Promoters and
…Blaze Promoters Pvt. Ltd., the Applicant, claimed ownership of 43,183 Sq. Ft. in Universal Business Park Project at Badhshahpur, Gurugram, Haryana, based on a Collaboration Agreement dated 28.09.2008 and a Sale Deed dated 12.01.2011. Universal Buildwell Private Limited, the Corporate Debtor, was undergoing CIRP. The Applicant sought direction from the NCLT to the RP of Universal Buildwell to handover the said area. The RP of Universal Buildwell opposed the application, contending that the directors of both companies are the same, Blaze Promoters paid no consideration for the land, and Universal Buildwell paid Rs.35.17 Crores as consideration. The RP also argued that the Applicant's claim contradicted the balance sheet of Blaze Promoters and that the RP received no
…Universal Buildwell Private Limited was admitted…
A resolution p…