The Delhi bench of the National Company Law Tribunal has initiated bankruptcy proceedings against Anand Divine Developers Pvt Ltd, a group company of realty developer ATS over dues of Rs 25 crore.
According to the NCLT order, ICICI prudential venture has moved the tribunal after the developer defaulted on payment.
“In the present case, the corporate debtor has not filed any reply and written submissions till now. However, in view of the debt and default clearly mentioned in the application u/s 7, this bench is inclined to admit the present petition,” the tribunal said in the order.
The petitioner has proposed the name of Insolvency Resolution Professional (IRP) Harish Taneja.
Geetamber Anand, chairman and managing director of Noida based ATS group told ET that the process to reach a settlement is on.
“We have received a copy of the order and we are in the middle of studying the same. However, the amount under consideration is a very small sum and the related project is completed and handed over. This will have no bearing on our other projects. Meanwhile, we have mutually closed this dispute/matter with ICICI Pru (Applicant) and will be filing a settlement soon,” Anand said.
According to the order, the financial creditor and corporate debtor executed an investment agreement in July, 2014, and the financial creditor subscribed to 75,00,000 unlisted, secured, cumulative, redeemable and optionally convertible debentures issued by the corporate debtor having a face value of Rs 100 each aggregating to a total of Rs 75 crore subject to the terms and conditions set out.
A default under the investment agreement occurred on 31 March 2018, when the corporate debtor failed to pay Interest due for the period 01.10.2017 to 31.03.2018
