Insolvency Proceedings Ordered Against Another Delhi-based Realtor

New Delhi:  Another Delhi-based realtor may soon be wound up. The National Company Law Tribunal (NCLT) has started the insolvency proceedings against Today Homes and Infrastructure under Section 9 of Insolvency and Bankruptcy Code 2016.

A two member bench of NCLT comprising members Ina Malhotra and L N Gupta has ordered initiation of insolvency proceedings on a petition moved by Dynacon Projects Pvt Ltd.

The dispute arose between Dynacon and Today Homes regarding civil and plumbing works in ‘Royal Elegancia’ project in sector 73 in Gurugram that the latter has been constructing. 

According to a an agreement signed between, the total contract between the two parties was of the value of Rs 42.33 crore and monthly bills were to be raised by Dynacon for the work done and same were to be cleared by Today Homes.

In its petition, Dynacon said that it has raised a total of 18 bills but the last part payment received by it was on 3rd February 2017 and now the total outstanding  was Rs 1.38 crore excluding interest.

Today Homes could not come up with satisfactory answers for delay in payment and hence insolvency proceedings have been started.  Deepak Bansal has been appointed as the interim resolution professional.