New Delhi: Insolvency proceeding have been initiated against another developer in Delhi NCR. The National Company Law Tribunal (NCLT) has now started insolvency process against Gurgaon-based ABW Infrastructure following a plea filed by one Bipin Industries, according to a news report by ETRealty.com.
Bipin Industries approached the NCLT saying it had invested Rs 91.54 lakh in ABW Gateway Tower, a project launched by the developer near Badarpur Border in Delhi NCR. The realtor had promised assured returns of Rs 50 per sq ft per month. The agreement was signed between Bipin Industries and ABW in July, 2011. The monthly returns were to start from August 2011. Bipin Industries said its plea that it received returns till December 2014 but nothing after that.
Starting the insolvency proceedings, the NCLT has appointed Anand Chandra Swain as interim resolution professional (IRP). It has also asked the IRP to make a public announcement within three days.
The NCLT has also ordered a stay on all other suits or proceedings against ABW Infrastructure. The court has also prohibited ABE Infrastructure transferring or disposing of any of its assets.