Delhi-based builder Sanskar Projects and Housing, promoted by Ravi Arora has been dragged to National Company Law Tribunal (NCLT) under Section 7 of Insolvency and Bankruptcy Code, over a default of over Rs 5 crore by its financial creditor Realpro Realty Solutions.
According to the petition, the companies entered into a loan agreement on December 9, 2020 to facilitate the acquisition of a 575 sq yards property in Jor Bagh area of New Delhi by Sanskar. The loan of the financial creditor was to be repaid with a “time value for money” in terms of a pre-defined profit sharing arrangement. Over the period of time, Sanskar repaid some part of loan but later stopped it.
Real Pro Realty Solutions, has preferred section 7 application before the NCLT Delhi against Sanskar Projects, for the default committed, towards the payment of financial debt, due to RealPro. The financial creditor moved an insolvency petition at NCLT in January 2022, after Sanskar refused to pay further outstanding.
Sanskar objected to the claim and requested principal bench of NCLT to dismiss the petition but to no avail. The last hearing of the case took place on July 19 and next hearing of the case is on August 29.
An email query to Sanskar projects remained unanswered.
Vivek Kohli, a Senior Advocate for the financial creditor, confirmed that he’s representing this matter and said It’s a bonafide case under Section 7 of the Insolvency and Bankruptcy Code.
“There have been multiple hearings on the case and the tribunal now has to decide on the admission of the petition,” said Kohli.
Sanskar Projects acquire properties in south Delhi and develop and sell builder floors.
