The Applicant, IRP of M/s Blaze Promoters Pvt. Ltd., filed an application seeking direction to the Respondent, the Resolution Professional for M/s Universal Buildwell Pvt. Ltd., to handover the asset of M/s Blaze Promoter Pvt. Ltd. (in CIRP), specifically 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 Sale Deed dated 12.01.2011 and a Collaboration Agreement dated 28.09.2008, asserting entitlement to 20% of the total super built-up area of Universal Business Park.
Blaze Promoters Pvt. Ltd. (Applicant) filed an application seeking direction to Universal Buildwell Pvt. Ltd. (Respondent) to handover an area of 43,183 Sq. Ft. in Universal Business Park, claiming ownership based on a Sale Deed dated 12.01.2011 and a Collaboration Agreement dated 28.09.2008. The Applicant asserted entitlement to 20% of the total super built-up area. The Respondent argued that the directors of both companies were the same, the Applicant hadn't paid for the land, and the Corporate Debtor had already paid Rs.35.17 Crores as per the Collaboration Agreement. The Respondent also stated that Blaze Promoters never filed a claim during the CIRP. NCLAT's previous orders regarding liquidation value and the sale of area within the project were also considered.
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Universal Buildwell Private Limited was admitted…
Universal Buildwell Private Limited and Blaze…
The Applicant, IRP of M/s Blaze Promoters Pvt. Ltd., filed an application seeking direction to the Respondent, the Resolution Professional for M/s Universal Buildwell Pvt. Ltd., to handover the asset of M/s Blaze Promoter Pvt. Ltd. (in CIRP), specifically 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 Sale Deed dated 12.01.2011 and a Collaboration Agreement dated 28.09.2008, asserting entitlement to 20% of the total super built-up area of Universal Business Park.
Blaze Promoters Pvt. Ltd. (Applicant) filed an application seeking direction to Universal Buildwell Pvt. Ltd. (Respondent) to handover an area of 43,183 Sq. Ft. in Universal Business Park, claiming ownership based on a Sale Deed dated 12.01.2011 and a Collaboration Agreement dated 28.09.2008. The Applicant asserted entitlement to 20% of the total super built-up area. The Respondent argued that the directors of both companies were the same, the Applicant hadn't paid for the land, and the Corporate Debtor had already paid Rs.35.17 Crores as per the Collaboration Agreement. The Respondent also stated that Blaze Promoters never filed a claim during the CIRP. NCLAT's previous orders regarding liquidation value and the sale of area within the project were also considered.
…Universal Buildwell Private Limited was admitted…
Universal Buildwell Private Limited and Blaze…