Expert Realty Professionals Private Limited filed an appeal against the order dated 06.02.2025 passed by the National Company Law Tribunal, New Delhi Bench, in CP(IB) No. 237/2023. The NCLT had recalled the admission order dated 14.07.2023 and imposed a penalty of Rs. 55 lakhs on the Appellant under Section 65 of the IBC, which was stayed by the Tribunal.
Logix Infrastructure Private Limited launched a residential project called Blossom County in Sector 137, Noida.
Expert Realty Professionals Private Limited and Logix Infrastructure Private Limited entered into an agreement on 20.10.2020, where Expert Realty would purchase a built-up area of 1,37,918 sq. ft. under a buy-back arrangement.
Expert Realty infused ₹15 crore between October 2020 and February 2021 into Logix Infrastructure.
A sum of ₹12,88,04,535/- became due and payable to Expert Realty.
Expert Realty filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 14.07.2023.
An objection was raised by a homebuyer association, which was rejected by the NCLT.
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Expert Realty Professionals Private Limited filed an appeal against the order dated 06.02.2025 passed by the National Company Law Tribunal, New Delhi Bench, in CP(IB) No. 237/2023. The NCLT had recalled the admission order dated 14.07.2023 and imposed a penalty of Rs. 55 lakhs on the Appellant under Section 65 of the IBC, which was stayed by the Tribunal.
Logix Infrastructure Private Limited launched a residential project called Blossom County in Sector 137, Noida.
Expert Realty Professionals Private Limited and Logix Infrastructure Private Limited entered into an agreement on 20.10.2020, where Expert Realty would purchase a built-up area of 1,37,918 sq. ft. under a buy-back arrangement.
Expert Realty infused ₹15 crore between October 2020 and February 2021 into Logix Infrastructure.
A sum of ₹12,88,04,535/- became due and payable to Expert Realty.
Expert Realty filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 14.07.2023.
An objection was raised by a homebuyer association, which was rejected by the NCLT.
…Binding understanding…
Meeting between Expert…