NCLT begins insolvency proceedings against IVR Prime IT SEZ

NCLT begins insolvency proceedings against IVR Prime IT SEZ
24/09/2019 , by , in News/Views

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against IVR Prime IT SEZ under Section 7 of the Insolvency and Bankruptcy Code 2016.

The court has appointed Kashi Viswanathan Sivaraman as the interim resolution professional (IRP) for the case. It directed the IRP to make a public announcement.

Nupur Finvest, a non-banking financial company, pleaded that they have given two loans worth Rs 3.02 crore to IVR Prime IT SEZ which had to be repaid in 24 months instalments along with an interest at Rs 17.50 per annum.

According to the plea, these loans were secured by hypothecation of 15 flats in The Aranya situated in sector 119, Noida. The agreement was guaranteed by Anil Mithas, Madhu Mithas and Unnati Fortune Holdings. The financial creditor claimed that the post dated cheques issued by the IVR Prime were dishonoured and total claim now stands at Rs 3.42 crore.

IVR Prime IT SEZ said that the amount claimed by Nupur Finvest is exorbitant and calculated arbitrarily. However, the court rejected builder’s claim and admitted the petition.

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