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IBC

NCLT Delhi Declares Logix City Developers Insolvent And Appoints IRP

Akshay Sharma
1 April 2022 2:27 PM GMT
NCLT Delhi Declares Logix City Developers Insolvent And Appoints IRP
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After the initiation of Corporate Insolvency resolution process of Supertech, Jaypee, Mascot Soho another Noida based real estate developer Logix city developers private limited ("Logix") is declared insolvent by the NCLT New Delhi vide its order dated and appointed the interim resolution professional. Colliers international (India) property services Pvt. Ltd. ("Operational...

After the initiation of Corporate Insolvency resolution process of Supertech, Jaypee, Mascot Soho another Noida based real estate developer Logix city developers private limited ("Logix") is declared insolvent by the NCLT New Delhi vide its order dated and appointed the interim resolution professional.

Colliers international (India) property services Pvt. Ltd. ("Operational Creditor") entered into an agreement dated 05.07.2011 with the Logix for the project management consultancy services at the "Blossom Zest" project situated at Sector 143, Noida.

The operational sent a reminder email dated 04.03.2020 to pay the operational debt of Rs. 1.08 crores and thereafter sent a demand notice under section 8 of the Insolvency and bankruptcy code, 2016 dated 10.04.2020 to repay the operational debt. Logix accepted the liability and did not raise any dispute.

Subsequently, petition under Section 9 of the IBC was filed by the Operational Creditor. Logix filed a reply and there also it has admitted the default of the operational debt.

The NCLT observed that there are two requirements for admission of section 9 petition that there is a default of a debt and there is a no preexisting dispute.

Since Logix in the present case admitted the default of the operational debt both in reply to demand and in reply to the Section 9 petition. Therefore, both the conditions of a Section 9 petition are fulfilled and the petition by the operational creditor is admitted.

Accordingly, the CIRP is initiated and Interim Resolution Professional is appointed by NCLT

Case Title: Colliers international (India) property services Pvt. Ltd. Vs Logix city developers private limited

Counsel For The Operational Creditor: S. Sriranga, Balaji Srinivasan, Garima Jain, Gayatri Mohite, Advocates

Counsel For The Corporate Debtor: Vijay Kaundal, Adv

Click Here To Read/Download Order

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