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Insolvency proceedings against Homestead Infrastructure u/s 7 of IBC deemed maintainable despite joint venture agreements.

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....Initiation of CIRP - Corporate Debtor or not - M/s. Homestead Infrastructure Development Pvt. Ltd. (Corporate Debtor) reached agreement jointly with 'M/s. Golden Peacock Residence Private Limited' have entered into the development agreement with 'M/s. Raheja Developers Limited' and for all purposes it is a joint venture with 'M/s. Golden Peacock Residence Private Limited' who is a subsidiary company and reached agreement with Respondent, but asked to pay the amount to 'M/s. Golden Peacock Residence Private Limited', we hold that the application under Section 7 against 'M/s. Homestead Infrastructure Development Pvt. Ltd.'- ('Corporate Debtor') is maintainable.....

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Insolvency proceedings against Homestead Infrastructure u/s 7 of IBC deemed maintainable despite joint venture agreements.