BS: NCLT admits insolvency plea against Emaar MGF Land, appoints resolution professional

31 January 2019:The National Company Law Tribunal (NCLT) has asked to initiate proceedings against firm after two filed petition against the company for a huge delay in delivery of their housing units.

Admitting the pleas of two of its home buyers, a two member bench headed by NCLT Justice M M Kumar has appointed one as the interim resolution professional of the company and directed him to make a public announcement about the development.

The tribunal has also directed the company, its erstwhile director, or any other person associated with the to extend every assistance and cooperation to the interim resolution professional”.

The NCLT order came on the plea of two and — who had purchased flats at its Palm Greens, KherkiDaula, Gurgaon project.

The firm failed to deliver the project within 36 months to June 2015.

Later, the builder also failed to refund the amount along with the interest. Thereafter, the petitioners approached the NCLT.

Consenting to them, NCLT said The applicant financial creditor has disbursed the the respondent corporate debtor (Emaar MGF Land) as a consideration for purchase of the residential flat. Though a considerable long time has lapsed, even the principal amount disbursed has not been repaid by the respondent corporate debtor as per the provisions of the flat buyer’s agreement.” 

It further said: “It is accordingly held that respondent corporate debtor has committed default in repayment of the outstanding financial debt accordingly, the present application is admitted.” 

In 2005, Dubai-based entered Indian market in partnership with India’s and invested ? 8,500 crore through joint venture 

However, in April 2016, it decided to end their 11-year old JV.

In January 2018, the (NCLT) approved the proposed demerger scheme of Emaar MGF Land, paving the way for two JV partners to go separate ways. The demerger process got completed by July last year.

Business Standard reported

Categories: General News

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