Avenue 54 Welfare Association, representing homebuyers, filed a Section 7 IBC petition against Sumer Buildcorp Private Limited (CD1) and Sumer Radius Realty Private Limited (CD2) to initiate CIRP for the 'Avenue 54' real estate project. The project, jointly promoted by CD1, CD2, and Radius Estate Projects Pvt. Ltd. (REPPL), was stalled, and possession was not delivered by the promised dates (initially Jan 2020, revised to Dec 2023/Dec 2024). A significant financial debt of Rs. 203.27 crores was claimed. CD1 and CD2 raised multiple objections, including the maintainability of a composite petition, limitation, eligibility of an association, and claims of speculative investors. REPPL, a co-promoter, was already under CIRP.

Avenue 54 Welfare Association, representing homebuyers, filed a Section 7 IBC petition against Sumer Buildcorp Private Limited (CD1) and Sumer Radius Realty Private Limited (CD2) to initiate CIRP for the 'Avenue 54' real estate project. The project, jointly promoted by CD1, CD2, and Radius Estate Projects Pvt. Ltd. (REPPL), was stalled, and possession was not delivered by the promised dates (initially Jan 2020, revised to Dec 2023/Dec 2024). A significant financial debt of Rs. 203.27 crores was claimed. CD1 and CD2 raised multiple objections, including the maintainability of a composite petition, limitation, eligibility of an association, and claims of speculative investors. REPPL, a co-promoter, was already under CIRP.