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ORDER

[PER: SANJIV DUTT, MEMBER (TECHNICAL)]

1. BACKGROUND

1.1 This is an Application bearing C.P. (IB) No.4320/MB/2019 (Main Application) jointly filed by 12 Applicants/Financial Creditors on 29.11.2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) in respect of Marvel Industries Private Limited, the Corporate Debtor.

1.2 As per Part-I of the Application, there are in all 12 Applicants who are home buyers in a residential project being developed by the Corporate Debtor. They have jointly preferred this Application as allottees under a real estate project/Financial Creditors within the meaning of Explanation to Section 5(8)(f) of the Code. One Mr. Jay Nihalani has been authorised on behalf of 11 other buyers to pursue this Application.

1.3 The Corporate Debtor is a registered company engaged in the business development of real estate projects. The Corporate Debtor along with M/s. Gagan Promoters and Developers and M/s. Gagan Constructions had floated a luxurious develo