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Raheja Developers To Face Insolvency Proceedings

Courtesy/By: Dipsi Soni | 28 Jul 2019

The National Company Law Appellate Tribunal (NCLAT) has directed the adjudicating authority to admit the insolvency proceedings against Delhi- based builder, Raheja Developers under Section 9 of Insolvency and Bankruptcy Code, 2016.

The adjudicating authority, the National Company Law Tribunal, New Delhi had earlier rejected a plea filed by one of the operational creditors; Ahluwalia Contracts (India) on the grounds that the claim was within the ambit of “disputed claim”, and arbitration proceedings had been initiated.

The appellate tribunal setting aside this order, however, ruled that existence of a disputed claim cannot be a ground to reject an application under Section 9 of the IBC if the dispute was not raised prior to the issuance of the demand notice, and Ahluwalia Contracts had moved the NCLT after the developer failed to pay despite several demand notices.

Raheja countered claiming that the matter related to the work and payment was under dispute and arbitration proceedings regarding the same were already initiated. Shashank Garg, an advocate for Ahluwalia Contracts said that this judgment in landmark in the sense that it will help the creditors in cases where debtor has only a dispute with the quantum of claim and not with its existence.

Courtesy/By: Dipsi Soni | 28 Jul 2019