Mumbai realtor illegally sells 82 flats during insolvency process

economictimes.indiatimes.com:

Rashmi Housing, while the company was still undergoing the Corporate Insolvency Resolution Process (CIRP), sold 82 apartments in the company’s projects in contravention of the law. The tribunal has now set aside the sale of these 82 flats and has also imposed a fine of Rs 3 lakh on each of the promoters. Finance Advisors & Managers and Vista ITCL, formerly an IL&FS trust company, had taken the developer Rashmi Housing to the National Company Law Tribunal (NCLT) following its default in payments. The NCLT had admitted the company under insolvency and had appointed OP Agrawal as the interim resolution professional to take over the operations of the defaulter company in 2018 while suspending its directors and intimating them about implications of the moratorium under the code. In February 2019, one of the employees of the company had requested the resolution professional through an email to authorise the suspended directors to sign pre-CIRP sale agreements. In response to the said email the resolution professional held that permission for agreements related to the pre CIRP period will be required to be put before the COC.

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Advocate Rohan Agarwal appeared for the resolution professional of the company and argued that no permission was granted at any point of time for signing of sales during the CIRP or even for pre-CIRP. On receipt of the invitation of the expression of interest the suspended directors had initially submitted a resolution plan in November 2019 and the same was rejected. These directors submitted a revised resolution plan which was placed for consideration before the committee of creditors (CoC) in its March 2020