NCLT admits insolvency plea against Parsvnath Landmark Developers
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.