ORDER

1. The Present Company Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’/ ‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s. Sammaan Capital Limited (Formerly known as IndiaBulls Housing Finance Ltd (IHFL)) (‘the Petitioner’/‘Financial Creditor’) for initiating Corporate Insolvency Resolution Process (‘CIRP’) against JBCG Advisory Services Pvt. Ltd(‘Corporate Debtor’/’Respondent’) for an amount of13,35,69,954.47/- (Rupees Thirteen Crore Thirty Five Lakh Sixty Nine Thousand Nine Hundred and Fifty Four only) as on 19.02.2024.

Brief Facts as per the Petition and the documents annexed thereto:

2. On, 10.03.2019, the Corporate Debtor along with its director made a written Application (Loan Application Form) to the Petitioner to avail a loan facility of Rs. 11,70,00,000/- purchase of two residential units in the project named ‘1651 Pali’ situated at Pali Hill, Bandra, Mumbai – 400050 (hereinafter referred to as the “Project”), being constructed by M/s Shree Ahuja Properties Pvt. Ltd (hereinafter referred to as the “Builder”/ “Developer”). Copy of the Loan Application form dated