The Chennai Bench of the National Company Law Tribunal (NCLT) ordered liquidation of RRP Housing Private Limited after it was submitted that the company had been struck off the Registrar of Companies’ list and no proper information regarding its financials was available.
The company was admitted under the insolvency proceedings, and the 270 days — the maximum period allowed for finding a resolution — ended on September 26, 2018.
Arumugam, the resolution professional appointed to oversee the insolvency process, submitted that he failed to get assistance from any of the promoters/directors on the assets of the company, because the records were not handed over.
As on March 22, 2018, the resolution professional said he had received claims for an amount of ₹18.76 crore.
On September 8, 2018, the company was struck off the Registrar of Companies’ list, as it had not filed annual returns since 2012.
Four projects
According to a petition by homebuyers in four projects promoted by RRP Housing, the company obtained advances from 25 homebuyers, it added.
There are a total of 400 homebuyers to whom houses/monies are due from the company and 44 of them had filed claims, according to the petition.
According to the resolution professional, the average money paid by homebuyers for each project was about ₹20-28 lakh per villa and ₹30 lakh per apartment.
“Now the fate of the homebuyers and the creditors is hanging in the air. Thereby, we are of the view that the company is fit for liquidation…because the liquidator can be in the position to organise some viable arrangements by independently dealing with each of the projects with the consensus of the home buyers who paid money,” the NCLT said in its order.
It also directed for the appointment of a liquidator and for it to be referred to the Insolvency and Bankruptcy Board of India.
