Stay In The Favour Of BPTP Ltd. against the NCLT Order
The National Company Law Tribunal had ordered the commencement of the corporate insolvency resolution process of real estate company, BPTP Ltd on November 14. The applicant is an MSME engaged in infrastructure activities that contribute to the completion or finishing of a building under construction. BPTP is a real estate company that has allotted work to the applicant by giving work orders. “Stay in the favour of BPTP Ltd. against the NCLT order for the commencement of corporate insolvency resolution process is a testimony in the favour of company’s fundamentals. In any case the NCLT order regarding BPTP pertains paltry sum allegedly claimed by the contractor, which is also subject to a dispute by the company. At present, the matter is part of a pending arbitration proceeding. We have also filed an appeal on receiving a copy of the order.” “We wish to state that BPTP Ltd. is a financially sound company with an established track record. Established in 2003, BPTP has delivered more than 20,000 homes, Our Company is known for its transparency and fairness in all its dealings and is committed towards its customers and stakeholders satisfaction. The Hon’ble NCLAT after hearing the submissions/ arguments of the parties, has stayed the order of NCLT dated 14.11.2022 initiating insolvency proceedings against BPTP Ltd. All disputes and claims between M/s RBCL Projects Pvt. Ltd. and BPTP Ltd. stand fully settled. As such the CIRP proceedings and appointment of IRP as per order dated 14.11.2022, stands stayed.” said Rohit Mohan, Senior Vice President, BPTP Ltd.
Tags : National Company Law Tribunal corporate insolvency resolution process real estate company BPTP infrastructure activities Rohit Mohan Senior Vice President BPTP Ltd