NCLT admits insolvency plea against two Essel Group companies on Indiabulls Housing plea
Essel Group entities Primcomm Media Distribution Ventures Ltd and Essel Homes Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) after Gnex Realtech Pvt Ltd, an affiliate entity, defaulted on its dues of Rs 260 crore where these companies provided corporate guarantee.
The Mumbai bench of the National Company Law Tribunal (NCLT), in applications filed by Indiabulls Housing Finance Ltd, also appointed Ravi Prakash Ganti as interim resolution professional (IRP) for these companies.
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Before the tribunal’s order, Indiabulls Housing Finance, through its counsel Nausher Kohli, argued that the company had sanctioned a loan of Rs 190 crore in June 2020. The corporate debtor company Gnex Realtech defaulted on its dues on September 30, 2021.
Countering Kohli, counsel Vinita Melvin, appearing for the Essel Group companies, argued that the debt has been disbursed to Gnex Realtech,
