NCLT Scraps Insolvency Proceedings Against Sikka
The National Company Law Tribunal (NCLT) has reportedly scrapped insolvency proceedings against Sikka Infrastructure, the realty arm of Sikka Group. Only two weeks ago, a public announcement was made stating that insolvency proceedings against the firm had started because of the company's failure to deliver units to homebuyers who had moved the tribunal. The proceedings have been halted after a plea put forward by a financial creditor claims that the matter was amicably settled between the two parties.
However, the court has mentioned that "the 300 claims which have been received by the IRP may result in to a spat of the other petitions under Section 7 or 9 of the code, 2016".
Last year, the group said it would be going in for speedy construction and delivering flats in Sikka Kimaantra Greens, Sikka Karnam Greens, Sikka Kaamya Greens and Sikka Kaamna Greens which are located in Noida and Greater Noida West, and also at group's projects located in Dehradun, majorly Sikka Kimaya Greens.
"Possession is the focus area for us in FY 2018-19. The minor glitches, if any, have been resolved. We are now focusing on possessions. We will soon be announcing the exact numbers. The entire construction team is now working hard towards possessions. We want to deliver on our promises,” Harvinder Sikka, managing director of Sikka group, had said.