The application was filed by Mr. M.K. Jain, claiming to be a Financial Creditor, along with and on behalf of Applicant Nos. 2 to 4, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krrish Realtech Pvt. Ltd.
A Memorandum of Understanding (MOU) dated 28.07.2018 was entered into between the Financial Creditors and the Corporate Debtor.
The Financial Creditors agreed to invest a sum of INR 15,00,00,000/- in the Corporate Debtor.
The Corporate Debtor was required to allot Kelvin Plots to the Financial Creditors by a cut-off date of 15.09.2018.
The Corporate Debtor failed to allot the Kelvin Plots to the Financial Creditors.
The Financial Creditors terminated the MOU vide its letter dated 05.11.2019 and sought a refund along with interest @24% per annum.
The Corporate Debtor acknowledged the execution of the MoU and admitted to the receipt of INR 13,63,14,463/-.
The Corporate Debtor agreed to refund an amount of INR 13,08,61,884.48/- but failed to make any payment.
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Memorandum of Understanding (MOU) dated…
Corporate Debtor was required to allot Kelvin…
The application was filed by Mr. M.K. Jain, claiming to be a Financial Creditor, along with and on behalf of Applicant Nos. 2 to 4, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krrish Realtech Pvt. Ltd.
A Memorandum of Understanding (MOU) dated 28.07.2018 was entered into between the Financial Creditors and the Corporate Debtor.
The Financial Creditors agreed to invest a sum of INR 15,00,00,000/- in the Corporate Debtor.
The Corporate Debtor was required to allot Kelvin Plots to the Financial Creditors by a cut-off date of 15.09.2018.
The Corporate Debtor failed to allot the Kelvin Plots to the Financial Creditors.
The Financial Creditors terminated the MOU vide its letter dated 05.11.2019 and sought a refund along with interest @24% per annum.
The Corporate Debtor acknowledged the execution of the MoU and admitted to the receipt of INR 13,63,14,463/-.
The Corporate Debtor agreed to refund an amount of INR 13,08,61,884.48/- but failed to make any payment.
…Memorandum of Understanding (MOU) dated…
Corporate Debtor was required to allot Kelvin…