The case involves an application filed by 12 Applicants/Financial Creditors (home buyers) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marvel Landmarks Private Limited, the Corporate Debtor, due to failure to hand over possession of flats as promised and failure to refund the amounts with interest.
12 Applicants/Financial Creditors (home buyers) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Marvel Landmarks Private Limited.
The Applicants booked homes in the 'Marvel Isola Phase II' project and entered into registered Agreements for Sale with the Corporate Debtor.
The Corporate Debtor failed to hand over possession of the flats to the Applicants as promised, with the promised date of possession varying from December 2015 to July 2016.
The total debt amount claimed to be in default is Rs.17,05,00,068/- plus interest of Rs.8,71,31,884 at 9% p.a. up to 31.10.2019.
The Corporate Debtor argued that the Applicants did not meet the minimum threshold of allottees required under the amended IBC.
…Sign in to view the parties.
The Applicants filed the main Application…
The Corporate Debtor…
The case involves an application filed by 12 Applicants/Financial Creditors (home buyers) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marvel Landmarks Private Limited, the Corporate Debtor, due to failure to hand over possession of flats as promised and failure to refund the amounts with interest.
12 Applicants/Financial Creditors (home buyers) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Marvel Landmarks Private Limited.
The Applicants booked homes in the 'Marvel Isola Phase II' project and entered into registered Agreements for Sale with the Corporate Debtor.
The Corporate Debtor failed to hand over possession of the flats to the Applicants as promised, with the promised date of possession varying from December 2015 to July 2016.
The total debt amount claimed to be in default is Rs.17,05,00,068/- plus interest of Rs.8,71,31,884 at 9% p.a. up to 31.10.2019.
The Corporate Debtor argued that the Applicants did not meet the minimum threshold of allottees required under the amended IBC.
…The Applicants filed the main Application…
The Corporate Debtor…