This case involves a petition filed by S.K. Dutta & Ors. (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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 Corporate Debtor's project, GMV OLAAN, and allege default in handing over possession.
The petition was filed on 22.09.2020 by S.K. Dutta & 19 others (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC.
The Financial Creditors are homebuyers who booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.
The total amount disbursed by the Financial Creditors is Rs. 5,74,64,973.
The Corporate Debtor defaulted in handing over possession of the units by the committed dates since October 2016.
The total default amount, including interest, is Rs. 13,25,42,438.
The Applicants represent more than 10% of the total units in the project.
The Corporate Debtor filed a reply denying the debt and arguing that the applicants are not financial creditors.
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Petition CP (IB) No.71/7/MP/2020 was initially…
Order delive…
This case involves a petition filed by S.K. Dutta & Ors. (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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 Corporate Debtor's project, GMV OLAAN, and allege default in handing over possession.
The petition was filed on 22.09.2020 by S.K. Dutta & 19 others (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC.
The Financial Creditors are homebuyers who booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.
The total amount disbursed by the Financial Creditors is Rs. 5,74,64,973.
The Corporate Debtor defaulted in handing over possession of the units by the committed dates since October 2016.
The total default amount, including interest, is Rs. 13,25,42,438.
The Applicants represent more than 10% of the total units in the project.
The Corporate Debtor filed a reply denying the debt and arguing that the applicants are not financial creditors.
…Petition CP (IB) No.71/7/MP/2020 was initially…
Order delive…