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NATIONAL COMPANY LAW TRIBUNAL
Sh. Sushil Mahadeorao Kochey, Sh. Charanjeet Singh Gulati, JJ
Mr. Ashok Raghunath Angane – Appellant
Versus
Sana Homes Private Limited – Respondent
| Table of Content |
|---|
| 1. petitioners' financial claim background (Para 1 , 2 , 3 , 4) |
| 2. investment and agreements related to residential project (Para 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15) |
| 3. final mou and obligations of corporate debtor (Para 16 , 17 , 18 , 19 , 20 , 21) |
| 4. default and petition initiation (Para 22 , 23 , 24 , 25 , 26 , 27) |
| 5. corporate debtor's defense and counterarguments (Para 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39) |
| 6. court's analysis of financial debt and obligations (Para 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54) |
| 7. petitioners not meeting financial debt criteria (Para 55) |
| 8. dismissal of the petition (Para 56) |
ORDER
I. This Company Petition is filed by Mr. Ashok Raghunath Angane and Mr. Bhushan Angane (hereinafter referred as “Petitioners/Financial Creditor”) on 12.04.2024 seeking to initiate Corporate Insolvency Resolution Process (hereinafter referred as “CIRP”) against Sana Homes Private Limited (hereinafter called “Respondent/Corporate Debtor”) by invoking the provisions of Section 7 of the Insolvency and Bankruptcy code, 2016 (hereinafter called “Code”) read with Rule 4 of Insolvency & Bankruptcy (Applicat
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