Lokhandwala Kataria Constructions admitted for insolvency proceedings
The National Company Law Tribunal (NCLT) has admitted Lokhandwala Kataria Constructions Private Limited (LKCCPL) to the Corporate Insolvency Resolution Process (CIRP) on the application of K Consultants, an operational creditor.
Lokhandwala Kataria Constructions owes K Consultants an amount of Rs. 4.48 crore for services rendered in facilitating the obtainment of finance for the company’s project known as “Minerva” at Mahalaxmi, Mumbai. K. Consultants has claimed that the company has defaulted on payment of the amount despite repeated reminders.
The NCLT has appointed Vinod Kothari as the interim resolution professional (IRP) for LKCCPL. The IRP will now take over the management of the company and initiate the CIRP process. The process will aim to find a resolution plan for the company that will be fair and equitable to all stakeholders.
The admission of LKCCPL to CIRP is a setback for the company, which is a well-known real estate companies in India. The company has been facing financial difficulties in recent years and has been unable to complete several projects. The CIRP process will give the company a chance to restructure its debt and emerge as a viable business.
Lokhandwala Kataria Constructions is a Mumbai-based real estate development and management company.
The company has been in business for over 30 years and has developed several prestigious projects in Mumbai and Dubai. Lokhandwala Kataria Constructions has completed the following projects: Minerva Towers, a 60-story skyscraper in Mahalaxmi, Mumbai; Eden Gardens, a residential complex in Sports City, Dubai; Beldvere, a residential complex in Sports City, Dubai; Ram House, a luxury villa in Balbulnath, Mumbai; Lady Ratan Tower, a residential tower in Worli, Mumbai; and Lokhandwala Galaxy, a residential complex in Byculla, Mumbai.
These projects are known for their high-quality construction, luxurious amenities, and prime locations. Lokhandwala Kataria Constructions is a reputable real estate developer with a proven track record of success. If you are looking for a high-quality real estate investment, then Lokhandwala Infrastructure is a great option.
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