The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by S.K. Dutta & Ors (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditors are homebuyers who booked units in the GMV OLAAN project and defaulted on possession.
The petition was filed by 20 applicants/financial creditors, later amended to 27 homebuyers.
The applicants booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.
The total amount disbursed by the applicants was Rs. 5,74,64,973, later claimed as Rs. 18,38,75,938 including interest.
The Corporate Debtor failed to hand over possession of the units by the committed dates, starting from October 2016.
The applicants represent more than 10% of the total units in the project and the default amount exceeds Rs. 1 Crore.
The Corporate Debtor contended that the petition was not maintainable as the debt was not a financial debt and the petition was time-barred.
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Petition CP (IB) No.71/7/MP/2020 was initially…
Order delivered on…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by S.K. Dutta & Ors (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditors are homebuyers who booked units in the GMV OLAAN project and defaulted on possession.
The petition was filed by 20 applicants/financial creditors, later amended to 27 homebuyers.
The applicants booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.
The total amount disbursed by the applicants was Rs. 5,74,64,973, later claimed as Rs. 18,38,75,938 including interest.
The Corporate Debtor failed to hand over possession of the units by the committed dates, starting from October 2016.
The applicants represent more than 10% of the total units in the project and the default amount exceeds Rs. 1 Crore.
The Corporate Debtor contended that the petition was not maintainable as the debt was not a financial debt and the petition was time-barred.
…Petition CP (IB) No.71/7/MP/2020 was initially…
Order delivered on…