Case Law Details
Sunteck Realty Limited Vs Goodwill Theatres Private Limited (NCLT Mumbai)
This Petition is filed under Section 9 of I&B Code, 2016 by Sunteck Realty Limited against Goodwill Theatres Private Limited for initiating corporate insolvency resolution process is admitted. NCLT held that the advance paid by a real-estate developer to a property owner for a re-development project qualifies as operational debt under the Insolvency & Bankruptcy Code, 2016 (IBC 2016).
FULL TEXT OF THE NCLT MUMBAI ORDER
1. This Petition is filed by the Petitioner, Sunteck Realty Limited, under Section 9 of Insolvency & Bankruptcy Code, 2016 (Code) against the Corporate Debtor, Goodwill Theatres Private Limited, alleging that the Corporate Debtor committed default in making payment to the extent of Rs. 3,12,39,529/- including interest @ 24% p.a. by invoking the provisions of Section 9 of Insolvency and Bankruptcy Code (hereinafter called “Code”) read with Rule 6 of Insolvency & Bankruptcy Rules, 2016.
2. The Petitioner company is a reputed developer and has undertaken several projects of large magnitude in Mumbai.
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