Another Mumbai Realtor To Be Wound Up, NCLT Orders Initiation of Insolvency Process

New Delhi: A Mumbai bench of National Company Law Tribunal (NCLT) has ordered for initiation of insolvency process for genesis Resorts on a plea filed by Bank of Baroda.

The bank had moved the court for non-payment of Rs 231 crore that was due on the part of the real estate company.    

The bench comprising of members Bhaskara Pantula Mohan and Rajesh Sharma has appointed Vijay Pitamber Lula as Interim Resolution Professional. It has also restrained Genesis and its promoters from transferring, alienating or disposing off the company’s assets.

The moratorium shall be effective until completion of the corporate insolvency resolution process or until the bench approves the resolution plan, the tribunal said in an order on Wednesday.

Bank of Baroda had sanctioned a credit of Rs 149 crore to the realty firm in 2012. Genesis Resorts defaulted on repayment to the bank. Bank of Baroda then categorized the loan as non-performing asset on 30 November, 2016.