NCLT ad­mits in­sol­vency plea against Parsv­nath Land­mark De­vel­op­ers

The Hindu Business Line - - NEWS -

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

The NCLT, Delhi, has ad­mit­ted an in­sol­vency pe­ti­tion filed by three home buy­ers 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 the firm. A two-mem­ber Bench of the NCLT, headed by Pres­i­dent Jus­tice MM Ku­mar, has di­rected that all the per­son­nel con­nected with the firm, erst­while di­rec­tors, pro­mot­ers or any other per­son as­so­ci­ated with the man­age­ment must co­op­er­ate with the RP in manag­ing the af­fairs of the com­pany.

The tri­bunal has also di­rected that in case there is any vi­o­la­tion com­mit­ted by the ex-man­age­ment or any tainted/il­le­gal trans­ac­tion by ex-di­rec­tors or any­one else, the in­terim res­o­lu­tion pro­fes­sional/res­o­lu­tion pro­fes­sional will be at lib­erty to make ap­pro­pri­ate ap­pli­ca­tion be­fore it for pass­ing an ap­pro­pri­ate or­der.

The NCLT has di­rected the Regis­trar of Com­pa­nies to up­date the sta­tus of ‘cor­po­rate debtor’ and spe­cific men­tion re­gard­ing ad­mis­sion of this pe­ti­tion must be no­ti­fied on its por­tal.

The tri­bunal di­rec­tion came over a pe­ti­tion filed by Alka Agar­wal and two oth­ers, who had booked flat at La Trop­i­cana project of Parsv­nath Land­mark De­vel­op­ers at Khy­ber Pass in Delhi for a con­sid­er­a­tion of ₹10.93 crore.

Ac­cord­ing to the flat buyer agree­ment, which was ex­e­cuted be­tween the par­ties on Oc­to­ber 1, 2009, Parsv­nath Land­mark De­vel­op­ers was to hand over the pos­ses­sion within 36 months from the date of com­mence­ment of con­struc­tion, with a grace pe­riod of six months.

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