NCLT order rejected in Ansal Housing case, directed to return outstanding loan
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The NCLT, in its order, had dismissed the operational lender’s plea seeking initiation of insolvency proceedings against Ansal Housing.
The National Company Law Appellate Tribunal (NCLAT) has directed the company to repay the outstanding loan, setting aside the order of the National Company Law Tribunal (NCLT) in the Ansal Housing case. The NCLT, in its order, had dismissed the operational lender’s plea seeking initiation of insolvency proceedings against Ansal Housing. A two-judge bench of the Appellate Tribunal observed that real estate company Ansal Housing has outstanding dues from operational creditors.
It is wrong to dismiss the NCLT petition. It also directed Ansal Housing to pay Rs 12.72 crore to Clickbricks within a month from the passing of the order. The appellate tribunal said in the order issued on April 5, “This amount will be released within 30 days from the date of issue of the order.” Failing which the company will come under the Corporate Debt Resolution Process (CIRP). The NCLAT gave this direction on a plea by Clickbricks Technologies. The order of the Delhi bench of NCLT was challenged in the petition. The NCLT had rejected the application of the operational creditors to initiate insolvency proceedings against the company.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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