Another Big Developer Of Mumbai May Be Wound Up; Insolvency Proceedings Started

New Delhi: Another big developer of Mumbai may be wound up as the National Company Law Tribunal has started insolvency proceedings against it within a month of similar legal action that was started against HDIL. Now the NCLT has started insolvency proceedings against Lokhandwala Infrastructure Pvt Ltd, according to a news report by Mumbai Mirror.

The proceedings were initiated on 19 September and the process is likely to get over by 17th March 2020. 

The court has appointed Ajit Kumar as Insolvency Resolution Professional (IRP). Kumar has asked the financial creditors, operational creditors, home buyers and the employees of the firm to submit their claims against the company by 3rd October.

Such proceedings were also started against HDIL last month after Bank Of India had approached NCLT over non-payment of its dues amounting to Rs 522 crore by HDIL.