AMAV Developers LLP, a home buyer, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, against Pushpanjali Realms and Infratech Limited (Corporate Debtor). The application sought to set aside the Resolution Professional's (RP) rejection of its claim for five flats in the 'Orchid Park' project and to direct the RP to admit the claim of Rs. 2,14,00,000/- with 18% P.A. interest. The Applicant had an Agreement for Sale dated 05.12.2019 for these flats, claiming full payment of the consideration amount, but possession was not delivered by the promised date of 31.03.2020.
AMAV Developers LLP, a home buyer, filed an application under Section 60(5) of the IBC against Pushpanjali Realms and Infratech Limited (Corporate Debtor).
The application challenges the Resolution Professional's (RP) rejection of AMAV Developers LLP's claim for 5 flats in the 'Orchid Park' project.
AMAV Developers LLP entered into an Agreement for Sale for five units on 05.12.2019, which was duly registered on 06.12.2019.
The Applicant claims to have paid Rs. 2,14,00,000/- for the flats, with a balance of Rs. 89,000/- to be paid at the time of execution of the sale deed.
Possession of the units was to be given by 31.03.2020 but was not delivered.
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Corporate Debtor made debit entries of Rs. 23.50…
Agreement for Sale for five units executed.…
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AMAV Developers LLP, a home buyer, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, against Pushpanjali Realms and Infratech Limited (Corporate Debtor). The application sought to set aside the Resolution Professional's (RP) rejection of its claim for five flats in the 'Orchid Park' project and to direct the RP to admit the claim of Rs. 2,14,00,000/- with 18% P.A. interest. The Applicant had an Agreement for Sale dated 05.12.2019 for these flats, claiming full payment of the consideration amount, but possession was not delivered by the promised date of 31.03.2020.
AMAV Developers LLP, a home buyer, filed an application under Section 60(5) of the IBC against Pushpanjali Realms and Infratech Limited (Corporate Debtor).
The application challenges the Resolution Professional's (RP) rejection of AMAV Developers LLP's claim for 5 flats in the 'Orchid Park' project.
AMAV Developers LLP entered into an Agreement for Sale for five units on 05.12.2019, which was duly registered on 06.12.2019.
The Applicant claims to have paid Rs. 2,14,00,000/- for the flats, with a balance of Rs. 89,000/- to be paid at the time of execution of the sale deed.
Possession of the units was to be given by 31.03.2020 but was not delivered.
…Corporate Debtor made debit entries of Rs. 23.50…
Agreement for Sale for five units executed.…
Sign in to view related legal provisions.