ET: NCLT asks why IRP should not be initiated against CHD Developers

26 August 2019: The National Company Law Tribunal (NCLT) Delhi on August 21 issued a show-cause notice to CHD Developers asking why the corporate insolvency resolution process be not initiated against them.

The court asked the company to file a joint response within a week. Over six separate cases have been filed in NCLT against the company, most of which relates to delay in ongoing projects.

“We grant one week time to the corporate debtor to file a joint reply with a copy in advance to each of the counsel for the petitioner. We issue notice in cases where the notice has not been issued and direct the respective counsel to handover a copy of the petition to corporate debtor’s advocate,” said court.

In one of the cases, the buyer, represented by advocate Aditya Nayyar, had booked an apartment in CHD 106 Golf Avenue situated in Sector 106, Gurugram for Rs 1.34 crore (approx). The builder-buyer agreement was carried out in 2013 and the project was to be completed by 2017. However, it has not been completed till date.

The Economic Times reported

Categories: General News, India Bankruptcy

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