The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Three C Shelters Pvt. Ltd. (Corporate Debtor) based on a Section 9 petition filed by M/s Straight Edge Contracts Pvt. Ltd., claiming to be an operational creditor. Allegations of fraud and collusion between the operational creditor and the corporate debtor emerged. Homebuyers, organized as Greenopolis Welfare Association, and Orris Infrastructure Pvt. Ltd. (landowner and joint promoter) were aggrieved by the CIRP initiation. The Adjudicating Authority (AA) found clear fraud and collusion but initially held it lacked the power to recall its admission order. The National Company Law Appellate Tribunal (NCLAT) reversed this, asserting the AA's power to recall orders obtained by fraud and
…Orris Infrastructure Private Limited is the landowner of 47.218 acres of land at Sector 89, Gurgaon.
Orris entered into a development agreement on 02.11.2011 with M/s Three C Shelters Private Limited (Corporate Debtor) for the Greenopolis real estate project (1862 flats).
The agreement stipulated a 65:35 flat sharing ratio between the Corporate Debtor and Orris, respectively.
Between 2012-13, Orris and the Corporate Debtor entered into tripartite apartment buyer agreements with various home buyers.
Clause 5 of the agreement required the Corporate Debtor to complete construction within 36 months with a grace period of 6 months, which was not met.
Aggrieved home buyers formed the Greenopolis Welfare Association (GWA) to seek remedies.
…Sign in to view the parties.
Orris Infrastructure Private Limited entered…
Orris and M/s Three C Shelters Private Limited…
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Three C Shelters Pvt. Ltd. (Corporate Debtor) based on a Section 9 petition filed by M/s Straight Edge Contracts Pvt. Ltd., claiming to be an operational creditor. Allegations of fraud and collusion between the operational creditor and the corporate debtor emerged. Homebuyers, organized as Greenopolis Welfare Association, and Orris Infrastructure Pvt. Ltd. (landowner and joint promoter) were aggrieved by the CIRP initiation. The Adjudicating Authority (AA) found clear fraud and collusion but initially held it lacked the power to recall its admission order. The National Company Law Appellate Tribunal (NCLAT) reversed this, asserting the AA's power to recall orders obtained by fraud and
…Orris Infrastructure Private Limited is the landowner of 47.218 acres of land at Sector 89, Gurgaon.
Orris entered into a development agreement on 02.11.2011 with M/s Three C Shelters Private Limited (Corporate Debtor) for the Greenopolis real estate project (1862 flats).
The agreement stipulated a 65:35 flat sharing ratio between the Corporate Debtor and Orris, respectively.
Between 2012-13, Orris and the Corporate Debtor entered into tripartite apartment buyer agreements with various home buyers.
Clause 5 of the agreement required the Corporate Debtor to complete construction within 36 months with a grace period of 6 months, which was not met.
Aggrieved home buyers formed the Greenopolis Welfare Association (GWA) to seek remedies.
…Orris Infrastructure Private Limited entered…
Orris and M/s Three C Shelters Private Limited…