After Supertech, now another real estate company will go through insolvency process. The name of this company is Santasha Real Estate. Hearing a petition against this company, the National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings. This petition was filed by Vani Advertising.
What’s the matter: According to Vani Advertising, it has given operational loans (in the form of services or goods supply) to Santasha Real Estate. Vani Advertising has claimed in its petition that it owes Rs 40.77 crore to the real estate company. It is associated with Outstanding Science Service. According to the advertising company, he completed his work on time. However, the payment was not made on time.
Allowing the plea, a two-member Delhi bench of the NCLT suspended the company’s board of directors and appointed an interim resolution professional.