Corporate insolvency resolution process initiated against RS Stones

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against RS Stones under Section 7 of the Insolvency and Bankruptcy Code 2016. The court has appointed Deepak Kumar Agarwal as the interim resolution professional (IRP) for the case. It directed the IRP to make a public announcement. According to the petition, three home buyers had bought flats in company's Fort View Residency project situated in Alwar in 2015 for about Rs 38 lakh. The construction of the flats was to be completed within 24 months from the date of agreement i.e. by 2018. However the project is yet to be delivered.