Smt. Annu Anand, along with 144 other allottees (Financial Creditors), filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against WTC Noida Development Company Pvt. Ltd. (Corporate Debtor) due to default in handing over possession of commercial units. An intervenor, DYS Royals Pvt. Ltd., sought to be impleaded, offering to invest Rs. 200 crores in the Corporate Debtor. The Corporate Debtor argued that the applicants were speculative investors and that other CIRP applications were pending before different benches, requesting transfer or clubbing of cases.
Smt. Annu Anand and 144 other allottees filed an application under Section 7 of IBC, 2016, against WTC Noida Development Company Pvt. Ltd.
WTC Noida Development Company Pvt. Ltd. (Corporate Debtor) was incorporated on 19.12.2007 and is involved in real estate development.
The applicants booked commercial units in a project allotted by the Corporate Debtor between 2017-2021.
Possession of the allotted units was to be handed over by 31.12.2024, a date also fixed by RERA for project completion.
The Corporate Debtor failed to offer possession or refund the amount with 9% p.a. interest as per the Builder Buyer Agreement.
The total debt repayable to the financial creditors (applicants) is Rs. 39,05,44,675.64.
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WTC Noida Development…
Builder Buyer Agreements were executed with…
Smt. Annu Anand, along with 144 other allottees (Financial Creditors), filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against WTC Noida Development Company Pvt. Ltd. (Corporate Debtor) due to default in handing over possession of commercial units. An intervenor, DYS Royals Pvt. Ltd., sought to be impleaded, offering to invest Rs. 200 crores in the Corporate Debtor. The Corporate Debtor argued that the applicants were speculative investors and that other CIRP applications were pending before different benches, requesting transfer or clubbing of cases.
Smt. Annu Anand and 144 other allottees filed an application under Section 7 of IBC, 2016, against WTC Noida Development Company Pvt. Ltd.
WTC Noida Development Company Pvt. Ltd. (Corporate Debtor) was incorporated on 19.12.2007 and is involved in real estate development.
The applicants booked commercial units in a project allotted by the Corporate Debtor between 2017-2021.
Possession of the allotted units was to be handed over by 31.12.2024, a date also fixed by RERA for project completion.
The Corporate Debtor failed to offer possession or refund the amount with 9% p.a. interest as per the Builder Buyer Agreement.
The total debt repayable to the financial creditors (applicants) is Rs. 39,05,44,675.64.
…WTC Noida Development…
Builder Buyer Agreements were executed with…