NCLT files insolvency proceedings against Sana Realtors

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Sana Realtors under Section 7 of the Insolvency and Bankruptcy Code 2016. The court has appointed Sudhir Kumar Agarwal as the interim resolution professional (IRP) for the case. The court directed the IRP to make public announcement. The buyer had booked four apartments in Sana Realtors' Precision Soho Towers, situated in Sector 67, Gurugram in August 2010 for Rs 48.30 lakh. The project was to be delivered within 36 months with a grace period of 12 months but the builder failed to do so. The buyer further pleaded that the builder had promised assured returns of Rs 1.02 lakh per month from August 2010 till the time the premises were constructed by them and leased out. The builder paid assured returns till August 2014 and thereafter no payment has been made. The buyer claimed that the total sum due is Rs 1.46 crore. Sana Realtors in its plea said that they had called upon the buyer to take possession of the properties in 2016 hence they are not liable to pay assured returns. The builder further said that due to various reasons the project got delayed for more than two years and there is no clause to pay interest as claimed by the buyer. The OC was issued in July 2017.