The bankruptcy court has ordered the admission of Gurgaon-based real estate developer Vatika Ltd under the corporate insolvency resolution process (CIRP) in an application filed by IDBI Trusteeship Services after the company defaulted on its dues of about Rs 274 crore.
The Chandigarh bench of the National Company Law Tribunal (NCLT) has also appointed Jayant Prakash as an interim resolution professional (IRP) to run the process for the company.
The lender, IDBI Trusteeship, had approached the tribunal on behalf of the non-convertible debenture (NCD) holders of the developer. Senior counsel Gopal Jain, along with advocate Meghna Mishra, appeared for the trustee company and argued that the company had defaulted in January 2024.
The lenders…