This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ajay Sanadhya, a nominated person authorized by 136 financial creditors (allottees in a real estate project), for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Vatsalya Builders and Developers Private Limited, the Corporate Debtor (CD). The application pertains to a real estate project named Shiv Residency Phase II.
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Mr. Ajay Sanadhya filed the application as a nominated person authorized by 136 financial creditors.
The financial creditors are allottees in a real estate project named Shiv Residency Phase II.
The Corporate Debtor, M/s Vatsalya Builders and Developers Private Limited, is the developer of the project.
The total amount claimed to be in default by the Applicant is Rs. 8,88,86,452/- excluding the interest component.
The Corporate Debtor promised to start development work within 24 months and pay interest in case of delay.
The Corporate Debtor contended that the application is barred by limitation.
…Sign in to view the parties.
C.P. (IB) No.230/MB/2025 filed under Section 7…
Tribunal recorded that the Respondent stated…
This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Ajay Sanadhya, a nominated person authorized by 136 financial creditors (allottees in a real estate project), for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Vatsalya Builders and Developers Private Limited, the Corporate Debtor (CD). The application pertains to a real estate project named Shiv Residency Phase II.
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Mr. Ajay Sanadhya filed the application as a nominated person authorized by 136 financial creditors.
The financial creditors are allottees in a real estate project named Shiv Residency Phase II.
The Corporate Debtor, M/s Vatsalya Builders and Developers Private Limited, is the developer of the project.
The total amount claimed to be in default by the Applicant is Rs. 8,88,86,452/- excluding the interest component.
The Corporate Debtor promised to start development work within 24 months and pay interest in case of delay.
The Corporate Debtor contended that the application is barred by limitation.
…C.P. (IB) No.230/MB/2025 filed under Section 7…
Tribunal recorded that the Respondent stated…