Delhi-based builder Sanskar Projects and Housing, promoted by Ravi Arora, has been dragged to the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code, over a default of over Rs 5 crore by its financial creditor Realpro Realty Solutions.
According to the petition, the companies entered into a loan agreement on December 9, 2020 to facilitate the acquisition of a 575-square-yard property in Jor Bagh area of New Delhi by Sanskar. The loan of the financial creditor was to be repaid with a "time value for money" in terms of a pre-defined profit sharing arrangement. Over the period of time, Sanskar repaid some part of loan, but later stopped it.
Realpro Realty Solutions has preferred a Section 7 application before the NCLT Delhi against Sanskar Projects for the default committed towards payment of a financial debt due to Realpro. The financial creditor moved an insolvency petition at the NCLT in January 2022, after Sanskar refused to pay further outstanding.
The case was last heard on July 19 and the next hearing is on August 29.
Vivek Kohli, Senior Advocate, confirmed that he’s representing the matter on behalf of the financial creditor and said it’s a bona fide case under Section 7 of the Insolvency and Bankruptcy Code.
Sanskar Projects acquires properties in South Delhi and develops and sells builder floors.An email has been sent to Sanskar Projects for their response.