31 , March , 2022
In a recent development, an order of initiation of insolvency proceedings against realty firm Santasha Real Estate has been given by the National Company Law Tribunal (NCLT). The order came in the light of a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh.
Admitting the plea, a New Delhi bench of the NCLT comprising of two members has appointed an interim resolution professional after suspending the board of the real estate firm.
In its petition filed through its counsel Namit Saxena, Vani Advertising had submitted that an amount of Rs 40.77 lakh was due on the real estate firm in return for the advertising services provided by it.
The Advertising Agency claims to have completed the assigned work within the stipulated time frame and abiding by the contract. But the payment was not made in time and remains pending, as per the plea.
“In the given fact and circumstances, the present application is complete and the operational creditor is entitled to claim its dues, which remain uncontroverted by the corporate debtor (Santasha Real Estate), establishing the default in payment of operational debt beyond doubt. The present application is admitted, in terms of section 9 of IBC 2016,” NCLT stated.
Section 9 of the IBC 2016 gives power to the operational creditors of a company to initiate corporate insolvency resolution process in case of a default. NCLT conducted the proceedings ex-parte in the matter.
(WITH INPUTS TAKEN FROM PTI)
