The case involves two applications, IA No. 2026/2021 and IA No. 2378/2021, filed under Section 65 of the IBC, 2016, seeking the dismissal of Company Petition No. (IB)-197(PB)/2021. This petition was filed under Section 10 of the IBC by Wave Megacity Centre Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The applicants in the IAs are allottees of Wave Megacity Centre Private Limited, who allege that the company has defaulted in completing the construction project and handing over possession of properties despite accepting huge amounts of money from them. They claim the company's actions are malafide and aimed at usurping their lifetime savings. The applicants argue that the Corporate Debtor (CD) has filed the
…Wave Megacity Centre Private Limited (Corporate Debtor) initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of IBC, 2016. The allottees of Wave Megacity Centre Private Limited filed IA No. 2026/2021 and IA No. 2378/2021 under Section 65 of IBC, 2016, seeking dismissal of the CIRP application, alleging malicious and fraudulent intent. The allottees claimed that the Corporate Debtor defaulted in completing construction and handing over possession despite receiving substantial funds. The Corporate Debtor allegedly siphoned off funds, concealed facts, and misled the Tribunal. An FIR was registered against the Corporate Debtor and its directors for offenses under Section 406, 420, and 120B of IPC, 1860. The Corporate Debtor's directors, including
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Wave Megacity Centre…
Corporate Debtor processed refunds between…
The case involves two applications, IA No. 2026/2021 and IA No. 2378/2021, filed under Section 65 of the IBC, 2016, seeking the dismissal of Company Petition No. (IB)-197(PB)/2021. This petition was filed under Section 10 of the IBC by Wave Megacity Centre Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The applicants in the IAs are allottees of Wave Megacity Centre Private Limited, who allege that the company has defaulted in completing the construction project and handing over possession of properties despite accepting huge amounts of money from them. They claim the company's actions are malafide and aimed at usurping their lifetime savings. The applicants argue that the Corporate Debtor (CD) has filed the
…Wave Megacity Centre Private Limited (Corporate Debtor) initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of IBC, 2016. The allottees of Wave Megacity Centre Private Limited filed IA No. 2026/2021 and IA No. 2378/2021 under Section 65 of IBC, 2016, seeking dismissal of the CIRP application, alleging malicious and fraudulent intent. The allottees claimed that the Corporate Debtor defaulted in completing construction and handing over possession despite receiving substantial funds. The Corporate Debtor allegedly siphoned off funds, concealed facts, and misled the Tribunal. An FIR was registered against the Corporate Debtor and its directors for offenses under Section 406, 420, and 120B of IPC, 1860. The Corporate Debtor's directors, including
…Wave Megacity Centre…
Corporate Debtor processed refunds between…