New Delhi: A number developers have seen insolvency proceedings initiated against them in Mumbai and Pune recently. The latest one to see such proceedings started against it is D S Kulkarni Developers Ltd (DSKDL) against which a number of cheating cases have been filed and the promoter is already behind bars, according to a news report by Times Group.
The insolvency proceedings started after Bank of Maharashtra (BoM) approached the National Company Law Tribunal (NCLT) over non-payment of dues by the realty firm to the tune of Rs 119.48 crore.
The Interim Resolution Professional (IRP) appointed by the court has asked the financial creditors, home buyers and fixed deposit holders to come up with their claims against the company by 9th October.
NCLT has ordered the realty firm from selling, transferring, pledging or disposing off any of its assets till “the completion of the insolvency process or until the bench approves a resolution plan under IBC or an order for liquidation of the corporate debtor”.
Interestingly, the Enforcement Directorate had earlier attached (provisionally) the immovable and movable properties of the Group.