NOIDA: The National Company Law
Tribunal
(NCLT) on Wednesday appointed an interim resolution professional under Section 7 of the Insolvency and Bankruptcy Code for
Lotus Zing
, a
housing
project in Noida promoted that belongs to the troubled 3C Company.
Zing has 2,200 apartments that were due in 2014.
A group of five buyers had filed the petition in the NCLT. The order was passed by the tribunal on August 28 but released on Thursday. Buyers can now approach the NCLT as the Insolvency and Bankruptcy Code has been amended and they enjoy financial creditors. The five who filed the petition are Dayal Sharma, Ravindra Pratap Singh, Sudhir Solanki, Kapil Handa and Kiran Sood, all apartment buyers at Zing.
According to the order, while the flats have not been delivered, the provision for a refund with 10% interest has also not been honoured by the builder, allowing insolvency proceedings to begin.
NCLT has appointed Manish Kumar Gupta as the IRP has directed financial creditors to hand over Rs 2 lakh to him to help commence the resolution process. “We are a group of five, but there are other buyers of Zing who have moved the NCLT. We have been waiting for years for our flats or refund, and were forced to take this route,” Dayal Sharma said.
“The NCLT admitted the case and appointed an IRP immediately. The regular insolvency resolution process will be applicable in the matter,” said Aditya Parolia, the counsel representing the buyers.
3C subsidiary Granite Gate, which is building the Lotus brand of projects, is already facing insolvency proceedings.
Start a Conversation
Post comment