02 , September , 2023
In a major development, the National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Delhi NCR-based realty firm Imperia Structures and has appointed an interim resolution professional.
Admitting a joint plea filed by 28-unit holders of its Gurugram-based project 'Imperia Mindscape', the insolvency tribunal said after examining the records, there is a debt and a subsequent default by the realty firm for an amount of Rs 36.79 crore as it could not provide assured returns as promised. "The petition establishes that the corporate debtor is in default of a debt due and payable and that the default is for an amount which is more than the minimum amount of pecuniary threshold stipulated under section 4 (1) of the Code. The instant petition, for initiating CIRP against Imperia Structures Limited, the corporate debtor, stands admitted and CIRP of Imperia Structures Limited is initiated," stated NCLT.
NCLT has also appointed Gaurav Katiyar as Interim Resolution Professional suspending the board of the realty firm, in its order delivered on August 31, 2023.
Imperia Structures launched 'Imperia Byron/Mindspace' project at Sector- 62, Gurugram, Haryana along with a 'guaranteed assured return' in the year 2011. Under this scheme, buyers paid upfront sale consideration for the units booked, and the realty firm undertook to make payment of the monthly guaranteed assured return till the units were leased out after that, the corporate debtor would pay assured rental to the buyer upon leasing of the unit to the intended tenant. However, the realty firm defaulted in terms of the agreements signed with the unit holders.
(WITH INPUTS TAKEN FROM PTI)
