Avenue 54 Welfare Association (Financial Creditor), representing homebuyers, filed a Section 7 IBC petition against Sumer Buildcorp Private Limited (Corporate Debtor No.1) and Sumer Radius Realty Private Limited (Corporate Debtor No.2) (Promoters) for a financial debt of Rs. 203.27 Crores. The debt arose from the Promoters' failure to complete the 'Avenue 54' real estate project and hand over possession by the promised dates. The project, jointly undertaken by the Corporate Debtors and Radius Estate Projects Pvt. Ltd. (REPPL), has been stalled since October 2019, with REPPL already undergoing its own CIRP.
Avenue 54 Welfare Association (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Sumer Buildcorp Private Limited (Corporate Debtor No.1) and Sumer Radius Realty Private Limited (Corporate Debtor No.2).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) for a financial debt of Rs. 203,27,66,369/-.
Corporate Debtor No.1 owns an undivided 50% share in plots of land bearing CTS Nos. H/401, 402, and H/415 to 438 ("Plot A").
The remaining undivided 50% share in Plot A is owned by Radius Estate Projects Pvt. Ltd. ("REPPL").
Corporate Debtor No.2 is a joint venture company incorporated by Corporate Debtor No.1 and REPPL to construct and develop the "Avenue 54 project".
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Development Agreement dated 29.06.2017 was…
Avenue 54 Welfare Association (Financial Creditor), representing homebuyers, filed a Section 7 IBC petition against Sumer Buildcorp Private Limited (Corporate Debtor No.1) and Sumer Radius Realty Private Limited (Corporate Debtor No.2) (Promoters) for a financial debt of Rs. 203.27 Crores. The debt arose from the Promoters' failure to complete the 'Avenue 54' real estate project and hand over possession by the promised dates. The project, jointly undertaken by the Corporate Debtors and Radius Estate Projects Pvt. Ltd. (REPPL), has been stalled since October 2019, with REPPL already undergoing its own CIRP.
Avenue 54 Welfare Association (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Sumer Buildcorp Private Limited (Corporate Debtor No.1) and Sumer Radius Realty Private Limited (Corporate Debtor No.2).
The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) for a financial debt of Rs. 203,27,66,369/-.
Corporate Debtor No.1 owns an undivided 50% share in plots of land bearing CTS Nos. H/401, 402, and H/415 to 438 ("Plot A").
The remaining undivided 50% share in Plot A is owned by Radius Estate Projects Pvt. Ltd. ("REPPL").
Corporate Debtor No.2 is a joint venture company incorporated by Corporate Debtor No.1 and REPPL to construct and develop the "Avenue 54 project".
…Promoters allotted…
Development Agreement dated 29.06.2017 was…