Insolvency petition against Indiabulls Real Estate up for hearing tomorrow

Will Indiabulls Real Estate Ltd, a premium real estate developer, again survive an insolvency petition moved by Golden Homeland, a Mumbai-based dealer in premium residential and commercial property?

Golden Homeland had filed an insolvency application against Indiabulls Real Estate under Section 9 of the Insolvency and Bankruptcy Code (IBC) on 9 October 2020.

The case is being heard in Delhi NCLT, and is up for hearing on 1 March 2021. Both the sides have completed their pleadings. However, on 8 February 2021 when the matter was taken up for hearing and pronouncement of order, it was informed by to the tribunal that invoice raised by Golden Homeland was not on record and it requested the tribunal for more time to place the invoice on record.

The NCLT had then ordered the operational Creditor to place the invoice on record within a week. Now, NCLT will take up the case on 1 March 2021. More details of the case are awaited.

Earlier, a similar insolvency application filed by operational creditor – Indsur Global Ltd – was dismissed by NCLT in 2018.

Also Read: NCLT paves the way for liquidation of realtor estate developer 3C Homes

Also See: NCLT/NCLAT Hearings