News: NCLT asks why IRP should not be initiated against Parsvnath Landmark Developers-26-08-2019
Updated On: August 26, 2019
NEW DELHI: The National Company Law Tribunal (NCLT) Delhi on August 21 issued a show-cause notice to Parsvnath Landmark 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 Parsvnath, most of which relates to delay in ongoing projects. Godrej & Boyce Manufacturing has also filed a case against the company.
"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 Mayanka Dhawan, had booked an apartment in Parsvanth La Tropicana situated in Civil Lines, Delhi for Rs 2.84 crore (approx). The project which started in 2010 was to be completed in 36 months. It has not been completed till date.
