Court orders winding up of another realty firm

New Delhi: The NCLT has ordered the initiation of insolvency process against Ansal Lotus Melange Projects Pvt Ltd, a joint venture of Ansal Properties Infrastructure Ltd. The order was passed by New Delhi bench of NCLT on 7 April 2021 after a company by the name of GK Crystal Homes could not recover its dues from Ansal Lotus Melange Projects Pvt Ltd and approached the court.

Ansal Lotus Melange Projects Pvt Ltd is a JV company of Ansal API and Lotus Township and Infra Developers Pvt Ltd.

The court has ordered placing a maortorium and appointing a interim resolution professional for the Ansal Lotus Melange Projects Pvt Ltd. A copy of the court order is with RealtynInfra.com.  

Ansal Lotus Melange Projects Pvt Ltd had started a project Ansal City Centre in Sector 115 in Mohali and had contracted with GK Crystal Homes to carry out construction of some shops, showrooms and studio apartments in the project.

After GK Crystal Home carried construction of some shops, showrooms and studio apartments in the project, it raised a bill of Rs 1.52 crore for its services. It asked the Ansal Group company to make payment on 30 November 2020 but did not get nay reply from Ansal Lotus Melange Projects Pvt Ltd. 

When the maters reached the court, Ansal Lotus Melange Projects Pvt Ltd said through its lawyer that the business is under severe stress due to the covid situation. The lawyer asked for take to make the payment. The lawyer also raised frivolous excuses that the work done by GK Crustal was not up to the mark.

However, Ansal Lotus Melange Projects Pvt Ltd did not place any concrete plans to make payments, even though it asked for some time to make payments. The court then decided to start Corporate Insolvency Resolution Process (CIRP) against  Ansal Lotus Melange Projects Pvt Ltd.

The court has appointed Devendra Umrao as the Interim resolution professional. 

 

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