Two non-bank lenders, Finance Advisors & Managers and Vista ITCL (formerly IL&FS Trust Company), have taken Mumbai-based developer Rashmi Housing to the National Company Law Tribunal (NCLT), for defaulting on a Rs 26.24-crore payment. Accepting the bankruptcy petition, the Mumbai bench of the NCLT appointed OP Agrawal as the interim resolution professional, to take over the operations of the defaulter.
Established in 2000, Rashmi Housing is into residential and commercial spaces around Mumbai. All its completed projects are in Vasai and Mira Road, in the north-western suburbs, while it has ongoing small unit residential projects in these suburbs and in Thane, Bhayandar, Naigaon and Hyderabad. The relator also had plans for a project in Goregaon. On December 14, 2018, the NCLT members Bhaskara Pantula Mohan and V Nallasenapathy, admitted the bankruptcy petition and appointed Agrawal as the interim resolution professional.