The New Delhi Bench of the National Company Law Tribunal (NCLT) has admitted a plea to start insolvency proceedings against Unibera Developers. Unibera Developers was dragged to the tribunal by Mahi Buildhome after the former failed to make payment of about Rs 6.14 crore for civil works carried out by the latter in its Greater Noida project.
While adjucating the appeal in the case, the 2-judge Bench pointed Ashok Kumar Jalan as the insolvency resolution professional (IRP). With this, the Noida-based builder joints the ill-fated league of several bankrupt developers in the NCR with ongoing proceedings.
“The IRP is directed to take the steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of IBC, 2016,” the NCLT order said.
Noida-headquartered Unibera Developers has been involved in developing “luxury housing and residential projects in Greater Noida West, Noida Extension and Bihar,” says the company website. Hemant Kumar Singh, Dhananjay Kumar and Digvijay Chauhan are all directors of the company.
“In the given circumstances and the fact that the respondent has admitted its liability before this tribunal, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code,” the order said.
In December 2022, the Uttar Pradesh Real Estate Regulatory Authority (RERA) slapped a penalty of Rs 6.3 lakh on Unibera Developers over non-compliance with its orders related to issues like delays in handing over flats to buyers, refunds, submission of approved maps in group housing projects, etc.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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