The application was filed by Mr. Ranjit Rai Kohli & 5 ORS., the Financial Creditors (FC)/Applicants on 09.11.2022, before the Adjudicating Authority, under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating the Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor (CD)/Respondent viz., M/s. ATS INFRASTRUCTURE LTD., on the ground that the Corporate Debtor has defaulted to make a Payment of a sum of Rs. 10,74,75,585/-.
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Financial Creditors invested in the real estate project namely, 'ATS Dolce', being developed by M/s Domus Greens Private Limited.
The Financial Creditors invested in the Project on the assurances given by the Corporate Debtor that their respective units shall be bought back at a contractually agreed sale consideration on expiry of the prescribed time period.
The Corporate Debtor along with DGPL had launched the Project with various representations and promises regarding the purchase of units rendering huge returns in terms of the 'buy-back' scheme.
The Corporate Debtor issued post-dated cheques towards the buy-back amount, which were later dishonoured.
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Application filed by the Financial Creditors…
Order prono…
The application was filed by Mr. Ranjit Rai Kohli & 5 ORS., the Financial Creditors (FC)/Applicants on 09.11.2022, before the Adjudicating Authority, under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating the Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor (CD)/Respondent viz., M/s. ATS INFRASTRUCTURE LTD., on the ground that the Corporate Debtor has defaulted to make a Payment of a sum of Rs. 10,74,75,585/-.
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Financial Creditors invested in the real estate project namely, 'ATS Dolce', being developed by M/s Domus Greens Private Limited.
The Financial Creditors invested in the Project on the assurances given by the Corporate Debtor that their respective units shall be bought back at a contractually agreed sale consideration on expiry of the prescribed time period.
The Corporate Debtor along with DGPL had launched the Project with various representations and promises regarding the purchase of units rendering huge returns in terms of the 'buy-back' scheme.
The Corporate Debtor issued post-dated cheques towards the buy-back amount, which were later dishonoured.
…Application filed by the Financial Creditors…
Order prono…