NCLT initiates insolvency proceedings against Bright Buildtech

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Delhi-based Bright Buildtech under Section 9 of the Insolvency and Bankruptcy Code 2016. The court has appointed Naresh Kumar Bhutani as the interim resolution professional (IRP) for the case. Suresh Chand & Sons LLP through their advocates Aditya Paroli and Piyush Singh of PSP Legal pleaded that they had been engaged to sell properties in Wood View Residences for which brokerage on each sale has been agreed between them and builder. The builder has failed to clear the dues amounting to about Rs 1 crore. The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Delhi-based Bright Buildtech under Section 9 of the Insolvency and Bankruptcy Code 2016. The court has appointed Naresh Kumar Bhutani as the interim resolution professional (IRP) for the case. Suresh Chand & Sons LLP through their advocates Aditya Paroli and Piyush Singh of PSP Legal pleaded that they had been engaged to sell properties in Wood View Residences for which brokerage on each sale has been agreed between them and builder. The builder has failed to clear the dues amounting to about Rs 1 crore.