NCLT initiates insolvency proceedings against Today Homes and Infrastructure
The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Delhi-based Today Homes and Infrastructure under Section 7 of the Insolvency and Bankruptcy Code 2016.
The court has appointed Deepak Bansal as the interim resolution professional (IRP) for the case.
According to Dynacon Projects’ plea, Today Homes, who has been construction Royal Elegancia in Sector 73, Gurugram, signed an agreement in 2013 with them to carry out the civil, electricity, plumbing and sanitary works. The total contract value was about Rs 42.33 crore.
The amount was to be paid monthly as per RA bills based on work done on site. Dynacon Projects submitted 18 RA bills and stated that Rs 1,38 crore excluding 18% interest is due.
Today Homes in its reply said that serious dispute(s) exists between them related to service tax rate discrepancy and payments, among others. In an inspection by Engineer-in-Charge, it was found that materials and products used were of sub-standards.