NCLT Delhi Admits Unibera Developers Into Insolvency

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L. N. Gupta (Technical Member), while adjudicating an application filed in Mahi Buildhome Pvt. Ltd. v M/s. Unibera Developers Pvt. Ltd., has initiated Corporate Insolvency Resolution Process against Unibera Developers Pvt. Ltd. Mr. Ashok Kumar Jalan has been appointed as the Interim Resolution Professional (IRP).

Background Facts

Unibera Developers Pvt. Ltd. (“Corporate Debtor”) is engaged in the development of residential, commercial and government real estate projects. The Corporate Debtor’s projects are located in NOIDA, Greater NOIDA, Ghaziabad and Bihar.

Mahi Buildhome Private Limited (“Operational Creditor”) had executed work orders for civil construction work in the Corporate Debtor’s residential project, situated at Plot GH-16F, Sector-1, Greater NOIDA U.P and Invoices/Bills were accordingly raised. However, the Corporate Debtor failed to make the payments towards the invoices. On 25.05.2022, the Operational Creditor sent a demand notice under Section 8 of the Insolvency and Bankruptcy Act, 2016 (“IBC”), to the Corporate Debtor demanding payment of its dues. The Corporate Debtor did not respond to the notice.

Thereafter, the Operational Creditor filed a petition under Section 9 of IBC, seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor, over a default of Rs.6,13,90,529/-.

NCLT Verdict

The Bench observed that the Corporate Debtor had admitted its liability and sought time from Tribunal to clear the dues. The Bench opined that even after admission of the petition, the exit routes are available under Section 12A of IBC to the Corporate Debtor by settling the dues. “In the given circumstances and the fact that the Respondent has admitted its liability before this Tribunal, the petition is admitted in terms of Section 9(5) of the IBC”.

The Bench admitted the petition under Section 9 and initiated CIRP against the Corporate Debtor. Mr. Ashok Kumar Jalan has been appointed as the Interim Resolution Professional (IRP).

Case Title: Mahi Buildhome Pvt. Ltd. v M/s. Unibera Developers Pvt. Ltd.

Case No.: (IB)-505(ND)2022

Counsel for Applicant: Adv. Pranav Gupta, Adv. Aditya Shankar Prasad Adv. Shahrukh.

Counsel for Respondent: Adv. Amar Vivek, Adv. Aditiya Gauri and Adv. Dhananjaya Sud.

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