NCLT Initiates Insolvency Against Another Delhi Builder

New Delhi: The process of insolvency proceedings against Delhi NCR based builders continues unabated. Now the National Company Law Tribunal (NCLT) has started such a process against Crystal Buidtech, according to a news report by

The proceedings were initiated after a property buyer approached NCLT with his complaint. According to the complainant, he had purchased a plot in Crystal Buidtech’s ‘Krish Seasons’ township in Bhiwadi by paying an amount of Rs 7.42 lakh. The purchase was made in 2014 and the township was promised by the builder to be completed within 24 months, with six months as grace. However, the township was not completed in the stipulated time.

Crystal Buidtech contended in the court that the buyer has defaulted in subsequent payments and it is ready to give possession to the buyer if he makes the balance payment.

But the court took note of the fact that the township is not yet complete and the Occupancy Certificate has not be issued for the project. Hence the builder’s promise of handing over the property to the buyer when entire payment is made is only an eyewash.

NCLT has appointed Arun Jain as Interim Resolution Professional (IRP) for the case. It has also asked the buyer to pay a sum of Rs 2 lakh to the IRP so that the IRP can discharge his duties