Insolvency Started Against Another Delhi-based Developer

New Delhi: The list of Delhi-based realtors facing insolvency got further extended with the National Company Law Tribunal (NCLT) now starting such proceedings against Piyush Colonisers.

Insolvency proceedings have started against the developer on a petition filed by Oriental Bank of Commerce (OBC).

NCLT bench, comprising of President Justice MM Kumar, has appointed Umesh Garg as IRP (Interim Resolution Professional). The court directed the IRP to make public announcement.

In its petition, OBC said it had given loans in several tranches between 2015 and 2017 amounting to Rs 20.77 crore to the realtor. The interest on it amounted to Rs 7.6 crore approximately. Thus the total dues came to be Rs 28.43 crore as of 14th January, 2019 is. The bank had to mark the builder's outstanding as non-performing asset (NPA) in its books of accounts on 31st March, 2017.

The NCLT noted that the loan of the said amount for actually sanctioned properly and agreements were signed between the two parties and hence admitted the insolvency petition.

The NCLT has ordered OBC to deposit Rs 2 lakh with the IRP to enable him to carry out his duties as IRP.