NCLT Delhi: Admitted Unibera Developers into insolvency

The National Company Law Tribunal in the case Mahi Buildhome Pvt. Ltd. v M/s. Unibera Developers Pvt. Ltd, the New Delhi bench comprising of Judicial Member, Shri Ashok Kumar Bhardwaj and the Technical Member, Shri L. N. Gupta observed while adjudicating an application filed and has initiated Corporate Insolvency Resolution Process against Unibera Developers Pvt. Ltd. The Interim Resolution Professional appointed is Mr. Ashok Kumar Jalan. Facts of the Case: The Corporate Debtor, Unibera Developers Pvt. Ltd is engaged in in the development of residential, commercial and government real estate projects. Therefore, the corporate debtor projects are located in NOIDA, Greater NOIDA, Ghaziabad and Bihar. The Operational Creditor, Mahi Buildhome Private Limited has executed work orders for civil construction work in the Corporate Debtor’s residential project which is situated at Plot GH16F, Sector-1, Greater NOIDA U.P and Invoices/Bills were accordingly raised. However, it has been failed by the Corporate Debtors for making the payments towards the invoices. A demand notice has been sent by the Operational Creditor on 25.05.2022 under Section 8 of the Insolvency and Bankruptcy Act, 2016, to the Corporate Debtor for demanding payment of its dues. Therefore, the Corporate Debtor did not respond to the notice. However, the Operational Creditor filed a petition under Section 9 of IBC, wherein seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over a default of Rs.6,13,90,529/-. Verdict Of NCLT: It has been observed by the bench that the Corporate Debtor had admitted its liability and sought time from Tribunal to clear the dues. It has also been opined by the bench that even after admission of the petition, the exit routes are available under Section 12A of IBC to the Corporate Debtor by settling the dues. As per the given facts and circumstances of the case that the Respondent has admitted its liability before this Tribunal, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the bench admitted the plea filed under Section 9 and initiated CIRP against the Corporate Debtor. The Interim Resolution Professional appointed is Mr. Ashok Kumar Jalan. 

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