9911796707
TMI Blog2021 (1) TMI 936X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency and Bankruptcy Code, 2016 read with Rule 4 of Insolvency and Bankruptcy (Petition to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process against the Respondent claiming a default of financial debt of Rs. 1,25,29,219/- (Rupees One Crore Twenty Five Lakh Twenty Nine Thousand Two Hundred and Nineteen Only) as on the date of filing of this petition. 2. As per the Petition the Petitioners entered into an 'Agreement of Sale of Undivided Share of Land' dated 18.08.2015 with the Respondent Company which was previously 'Mantri Technology Constellations Private Limited' to purchase a property from its project "Mantri Manyata Lithos'. As per the scheme formulated by the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the account of Respondent developer. The Petitioners had paid total sum of Rs. 82, 15,527/as per the invoices raised by the Respondent within a span of 30 days only. However, the Respondent failed to construct the project and extended the date to hand over possession of property from 31.10.2017 to December 2018 vide letter dated 22.06.2017. Copy of the Letter dated 31.10.2017 is annexed to the Petition. The relevant portion of the Letter is extracted hereinbelow: "The revised timeline for completion and handover of your apartment is now end of December 2018 as against the earlier committed date of October 2017. We regret the revision in the completion dated and assure you that the causes of delay are unforeseen circumstances which a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Hon'ble K-RERA and are in default of financial debt of Rs. 1,25,29,219/- 9. Heard Mr. Harshavardhan B. Sharma, learned Counsel for the Petitioners. We have carefully perused the pleadings of the Petitioner and the extant provisions of the Code. The relevant documents annexed with the respective submissions have been examined. 10. At the outset, it is made clear that as per the Insolvency and Bankruptcy Code, (Amendment) Ordinance, 2019 dated 28.12.2019 the financial creditors who are homebuyers of Real Estate Project can file a petition under section 7 of the Code, 2016, jointly only if there are 100 of such homebuyers or if they are 10% of total homebuyers whichever is less. However, in the instant petition, only 2 Hom ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
