The Petitioners, homebuyers in the SKYWINGS Township Project, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Alka Ventures Private Limited, due to defaults in project completion despite agreements and payments.
The Petitioners are homebuyers in the SKYWINGS Township Project and members of the SKYWINGS Members Society, representing 98 allottees.
The SKYWINGS project, consisting of five residential towers and a commercial complex with over 600 apartments, was launched in 2007 by SRK Constructions with a promised completion date of September 2009.
The Corporate Debtor, M/s. Alka Ventures Private Limited, agreed to take over the project between 2012 and 2014, as per a Memorandum of Understanding dated 28.02.2013 and a final takeover agreement dated 29.11.2014.
The Corporate Debtor undertook to complete the King East and Queen East towers by 2015 and the full SKYWINGS project by 2018, but no meaningful progress was made.
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SKYWINGS pr…
Promised completion…
The Petitioners, homebuyers in the SKYWINGS Township Project, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Alka Ventures Private Limited, due to defaults in project completion despite agreements and payments.
The Petitioners are homebuyers in the SKYWINGS Township Project and members of the SKYWINGS Members Society, representing 98 allottees.
The SKYWINGS project, consisting of five residential towers and a commercial complex with over 600 apartments, was launched in 2007 by SRK Constructions with a promised completion date of September 2009.
The Corporate Debtor, M/s. Alka Ventures Private Limited, agreed to take over the project between 2012 and 2014, as per a Memorandum of Understanding dated 28.02.2013 and a final takeover agreement dated 29.11.2014.
The Corporate Debtor undertook to complete the King East and Queen East towers by 2015 and the full SKYWINGS project by 2018, but no meaningful progress was made.
…SKYWINGS pr…
Promised completion…