NCLT initiates insolvency proceedings against Efferent Real Estates
The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Delhi-based Efferent Real Estates under Section 7 of the Insolvency and Bankruptcy Code 2016. The court has appointed Gaurav Katiyar as the interim resolution professional (IRP) for the case. The buyer through his advocate Piyush Singh of PSP Legal pleaded that he booked a commercial food court worth Rs 31 lakh in Project Centre Point ID, Gurugram in 2016. The project was to be completed by December 2017. "In case the construction does not complete in six months, the builder will refund the complete amount paid plus 175% of the total value of the unit," the buyer said in its plea. Efferent Real Estates refunded Rs 4.35 lakh but balance is yet to be refunded while the project has not been constructed as well. The builder was proceeded as 'ex-parte' in October 2019 by the court.
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