The bankruptcy court in New Delhi has admitted the Serene Residency Group Housing Project at Sector ETA II after it defaulted on its dues of about ₹ 257 crore. The company is a subsidiary of listed real estate firm Ansal Properties and Infrastructure Ltd.
The New Delhi bench of the National Company Law Tribunal (NCLT) has admitted the insolvency resolution application filed by the Indian Bank against the company and also appointed Navneet Kumar Gupta as interim resolution professional (IRP) for the company.
In September 2013, the developer borrowed about ₹150 crore from state-owned lender to finance its Serene Residency Group Housing Project in Greater Noida. In 2015, the parties agreed to extend the loan for estimated project cost of ₹ 528 crore.
The division bench of judicial member Ashok Kumar Bhardwaj and a technical member LN Gupta, while admitting the company under the Corporate Insolvency Resolution Process, has restrained all the parties from transferring, encumbering, alienating, or disposing of any company’s assets linked with the Serene Project.
“The question of limitation is a mixed question of law and fact. The period of limitation is 3 years in such cases,” said Ashish K Singh, managing partner of law firm Capstone Legal. The NCLT had to decide whether the limitation period stood renewed upon payment being made after the account was declared an NPA. After hearing both sides, the NCLT took the view that the period of limitation shall commence from the date of payment, even if it is just a partial payment.
Source: Economic Times