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NCLT Admits CIRP as Developer Failed to Deliver Plots or Refund Allottees’ Money
Case Law Details
- Case Name
- Sandeep Turan Vs Primezone Developers Private Limited (NCLT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Sandeep Turan Vs Primezone Developers Private Limited (NCLT Chandigarh)
The National Company Law Tribunal (NCLT), Chandigarh Bench, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) filed jointly by 33 allottees seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Primezone Developers Private Limited for a default of ₹6,76,19,846 along with applicable interest, with the date of default stated as 30 June 2019.
The petitioners submitted that they had booked plots in the “Prime City-Assandh” project aft...
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