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.
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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.
