NCLT directs insolvency proceedings against realty firm Three C Projects
The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against NCR-based realty firm Three C Projects Ltd and also appointed an Interim Resolution Professional (IRP) to take over the management of the debt-ridden company.
A two-member principal bench, headed by President Justice M M Kumar, admitted a plea filed by five flat buyers who had booked homes in the company's Lotus Zing project in Noida, Uttar Pradesh.
"We are satisfied that a default has occurred and the applications under sub section 2 of section 7 (of IBC) is complete," said NCLT.
"As a sequel... this petition is admitted and Manish Kumar Gupta is appointed as the Interim Resolution Professional," it added.
NCLT also directed the ex-management of Three C Projects to "provide all documents in their possession and furnish every information in their knowledge" within a period of one week to the IRP.
The tribunal declared a moratorium, protecting the company from the lenders by prohibiting them ...