FA, 2020 amendment increasing...
In the instant case, the Corporate-Debtor Company was involved in real estate activities and the Petitioner-financial creditor, an individual, agreed with corporate debtor to buy residential flat developed by corporate debtor.
The petitioner paid about Rs. 34 lakhs but flat was not delivered even after instruction from RERA. The Corporate debtor replied to a notice denying all liabilities and hence immediately CIRP petition.
However, another case filed by the buyer’s welfare association against the corporate debtor has already been admitted and IRP has been appointed to initiate CIRP. As a result, an immediate CIRP petition filed by the petitioner against the same corporate debtor could not be sustained.
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