NCLT admits plea against Ahluwalia Contracts (India) Ltd to start Insolvency

New Delhi: The Delhi bench of NCLT has admitted a plea to start Insolvency against Delhi-based Ahluwalia Contracts (India) Ltd.

The court has appointed an Interim Resolution Professional (IRP) in this regard. The court has ordered initiation of Insolvency Resolution Process on a plea of A2 Interiors Products Pvt Ltd that alleged dues of Rs 14.10 crore on Ahluwalia Contracts. The dues are for civil and electrical works done by A2 Interiors. 

The interior designer company said in its plea that Ahluwalia Contracts did not clear the dues despite admitting them. 

The NCLT has appointed Satish Kumar Chugh as IRP in the case. The court has also told A2 Interiors to deposit Rs 2 lakh with the IRP. 

Ahluwalia Contracts is listed on stock exchanges and had a net profit of Rs 64.44 crore in the 2019-20 fiscal on total revenues of 1895 crore. In the third quarter of the last focal, the company had 14.73 crore net profit on total revenues of Rs 540.91 crore.