Raiyan Hotels and Resorts Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) as a financial creditor against Unrivalled Projects Private Limited (UPPL), claiming unpaid consideration for the purchase of an immovable property. The alleged claim arises from a sale agreement where UPPL purchased property at 5A, Royd Street, Kolkata, from Raiyan Hotels. The corporate debtor, UPPL, contends that the entire consideration amount has been paid, while the financial creditor disputes this. The matter was referred to a third member due to a difference of opinion between the initial members of the NCLT bench.
Raiyan Hotels and Resorts Pvt. Ltd. (the Applicant) claimed to be a financial creditor of Unrivalled Projects Private Limited (UPPL) (the Respondent). The claim arose from an alleged unpaid consideration for the purchase of an immovable property at 5A, Royd Street, Kolkata. An indenture (sale agreement) was entered into between the Applicant and the Respondent on 2014-09-27 for a total consideration of Rs. 21,60,000. The Applicant claimed that the Respondent defaulted in making payments as per the schedule in the sale agreement. The Applicant claimed a financial debt of Rs. 13,24,14,700 as of 2020-05-01, with the date of default being 2017-12-28, which is the date of acknowledgement of liability and payment of Rs. 1,00,000 to the Financial Creditor. The Respondent
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Indenture (sale agreement) was entered into…
Raiyan Hotels and Resorts Pvt. Ltd. claimed the…
Raiyan Hotels and Resorts Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) as a financial creditor against Unrivalled Projects Private Limited (UPPL), claiming unpaid consideration for the purchase of an immovable property. The alleged claim arises from a sale agreement where UPPL purchased property at 5A, Royd Street, Kolkata, from Raiyan Hotels. The corporate debtor, UPPL, contends that the entire consideration amount has been paid, while the financial creditor disputes this. The matter was referred to a third member due to a difference of opinion between the initial members of the NCLT bench.
Raiyan Hotels and Resorts Pvt. Ltd. (the Applicant) claimed to be a financial creditor of Unrivalled Projects Private Limited (UPPL) (the Respondent). The claim arose from an alleged unpaid consideration for the purchase of an immovable property at 5A, Royd Street, Kolkata. An indenture (sale agreement) was entered into between the Applicant and the Respondent on 2014-09-27 for a total consideration of Rs. 21,60,000. The Applicant claimed that the Respondent defaulted in making payments as per the schedule in the sale agreement. The Applicant claimed a financial debt of Rs. 13,24,14,700 as of 2020-05-01, with the date of default being 2017-12-28, which is the date of acknowledgement of liability and payment of Rs. 1,00,000 to the Financial Creditor. The Respondent
…Indenture (sale agreement) was entered into…
Raiyan Hotels and Resorts Pvt. Ltd. claimed the…