Two non-bank lenders take Mumbai's Rashmi Housing to NCLT

Two non-bank lenders, Finance Advisors & Managers and Vista ITCL (formerly IL&FS Trust Company), have taken the city-based developer Rashmi Housing to the National Company Law Tribunal (NCLT) for defaulting on Rs 26.24 crore payment. Accepting the bankruptcy petition, the Mumbai bench of the NCLT appointed OP Agrawal as the interim resolution professional to take over the operations of the defaulter. Established in 2000, Rashmi Housing is into residential and commercial space around Mumbai. All its completed projects are in Vasai and Mira Road, northwesternsububs, while it has ongoing small units residential projects in these suburbs as well as in Thane, Bhayander, Naigaon and Hyderabad. The relator also has plans to enter Mumbai with a project in Goregaon. On December 14, the NCLT members BhaskaraPantula Mohan and V Nallasenapathy admitting the bankruptcy petition and appointed Agrawal as the interim RP.