NCLT admits insolvency plea against Parsvnath arm

The National Company Law Tribunal (NCLT) has given its approval to start the insolvency proceedings against realty firm Parsvnath Developers' arm, which is developing a housing project in the national capital.

The NCLT, Delhi, has admitted an insolvency petition filed by three homebuyers against the subsidiary firm - Parsvnath Landmark Developers - for inordinate delay in the development of this project and non-refund of their payment. The tribunal appointed Yash Jeet Basrar as an interim resolution professional (RP) to run the corporate insolvency resolution process of Parsvnath Landmark Developers.

A two-member bench of the NCLT has directed that all the personnel connected with the Parsvnath Landmark Developers, erstwhile directors, promoters or any other person associated with the management must cooperate with the RP in managing the affairs of the company.