ET: NCLT asks why IRP should not be initiated against Orris Infrastructure

26 August 2019: The National Company Law Tribunal (NCLT) Delhi on August 21 issued a show-cause notice to Orris Infrastructure 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 15 separate cases have been filed in NCLT against Orris Infrastructure, most of which are related to non-payment of assured returns.

“We grant one week time to the corporate debtor to file a joint affidavit 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 within two days,” said court.

In one of the cases, nine home buyers of Floreal Towers, situated in Sector 83, Gurugram, have pleaded through their advocate Varun Kathuria that the builders has stopped paying assured returns well before the agreed timeline and has also levied Rs 5 lakh to each buyer under “utility charges”.

A similar plea has been made by the buyers of Orris Business Square where the builder had promised assured returns but the project is yet to be started. “Till 2017, the builder paid the assured returns but then they stopped,” said Kathuria.

The Economic Times reported



Categories: General News, India Bankruptcy

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