The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Three C Shelters Private Limited (Corporate Debtor) by M/s Straight Edge Contracts Pvt. Ltd., claiming to be an operational creditor. The initiation was later found to be fraudulent and collusive, with the Corporate Debtor's directors admitting a non-existent debt. This led to appeals challenging the CIRP's validity, particularly concerning the Adjudicating Authority's power to recall its admission order and the continuation of CIRP despite fraud. Homebuyers, who had invested in the Greenopolis project, were also aggrieved by the delays and the fraudulent CIRP.
Orris Infrastructure Private Limited is the landowner of a 47.218-acre parcel of land situated at Sector 89, Gurgaon.
Orris entered into a development agreement dated 02.11.2011 with M/s Three C Shelters Private Limited (Corporate Debtor) for the construction of a real estate project called Greenopolis with 1862 flats.
The agreement stipulated that the Corporate Debtor was to develop the Project at its own cost, and the constructed flats would be shared in the ratio of 65:35 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.
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Orris Infrastructure Private Limited entered…
Orris and the Corporate Debtor entered into…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Three C Shelters Private Limited (Corporate Debtor) by M/s Straight Edge Contracts Pvt. Ltd., claiming to be an operational creditor. The initiation was later found to be fraudulent and collusive, with the Corporate Debtor's directors admitting a non-existent debt. This led to appeals challenging the CIRP's validity, particularly concerning the Adjudicating Authority's power to recall its admission order and the continuation of CIRP despite fraud. Homebuyers, who had invested in the Greenopolis project, were also aggrieved by the delays and the fraudulent CIRP.
Orris Infrastructure Private Limited is the landowner of a 47.218-acre parcel of land situated at Sector 89, Gurgaon.
Orris entered into a development agreement dated 02.11.2011 with M/s Three C Shelters Private Limited (Corporate Debtor) for the construction of a real estate project called Greenopolis with 1862 flats.
The agreement stipulated that the Corporate Debtor was to develop the Project at its own cost, and the constructed flats would be shared in the ratio of 65:35 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.
…Orris Infrastructure Private Limited entered…
Orris and the Corporate Debtor entered into…