NCLT orders corporate insolvency resolution in BPTP

New Delhi, Nov 17 (SocialNews.XYZ) The National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process of real estate company, BPTP Ltd on November 14.

Rakesh Kumar Gupta has been appointed the IRP and the creditors have been asked to provide claims with proof by November 27.

RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003.

The applicant is a MSME engaged in infrastructure activities that contribute to the completion or finishing of a building under construction. BPTP is a real estate company which has allotted work to the applicant by giving work orders.

It is also submitted that on October 24, 2018, the applicant had filed the first Section 9 petition, No (IB)-1450(ND) 2018 before this Tribunal, against the same respondent, under which on January 23, 2019, some part settlement was reached between the parties and accordingly, the said petition was withdrawn vide order dated January 24, 2019.

The applicant has stated that thereafter, the respondent failed to make the payment of final and running bills in respect of all the three projects and release the performance guarantee, despite repeated reminders.

"On perusal of the material available on record, we are of the considered view that the Operational Creditor has established the default on the part of the Corporate Debtor in payment of the operational debt being above the minimum threshold limit. The Petition filed under Section 9 fulfills all the requirements of law. Therefore, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code," the NCLT said in the order.

Source: IANS