The case involves two applications (IA No. 2026 of 2021 and IA No. 2378 of 2021) filed by allottees of M/s Wave Megacity Centre Private Limited, seeking dismissal of a Company Petition (IB-197(PB)/2021) filed by the Corporate Debtor itself under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The applicants allege that the Corporate Debtor filed the Section 10 application with malicious and fraudulent intent to escape liabilities.
The Corporate Debtor, M/s Wave Megacity Centre Private Limited, is accused by allottees of being a major defaulter, failing to complete construction and hand over possession of properties for over ten years, despite accepting millions of rupees from each subscriber. The allottees, who are the applicants in IA No. 2026 of 2021 and IA No. 2378 of 2021, contend that the Corporate Debtor's application under Section 10 of IBC, 2016, for initiating CIRP against itself, is a unilateral action aimed at usurping their lifetime savings and is driven by malafide intent. The applicants further allege that the Corporate Debtor has not provided reasons for the project's delay of over ten years, despite receiving over Rs. 1400 Crore from more than 2300 subscribers. They assert that
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The case involves two applications (IA No. 2026 of 2021 and IA No. 2378 of 2021) filed by allottees of M/s Wave Megacity Centre Private Limited, seeking dismissal of a Company Petition (IB-197(PB)/2021) filed by the Corporate Debtor itself under Section 10 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The applicants allege that the Corporate Debtor filed the Section 10 application with malicious and fraudulent intent to escape liabilities.
The Corporate Debtor, M/s Wave Megacity Centre Private Limited, is accused by allottees of being a major defaulter, failing to complete construction and hand over possession of properties for over ten years, despite accepting millions of rupees from each subscriber. The allottees, who are the applicants in IA No. 2026 of 2021 and IA No. 2378 of 2021, contend that the Corporate Debtor's application under Section 10 of IBC, 2016, for initiating CIRP against itself, is a unilateral action aimed at usurping their lifetime savings and is driven by malafide intent. The applicants further allege that the Corporate Debtor has not provided reasons for the project's delay of over ten years, despite receiving over Rs. 1400 Crore from more than 2300 subscribers. They assert that
…The project was launched…
A complaint was filed…