The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process.
In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates up to about ₹176.28 crore, out of which ₹105.11 crore is from the financial creditors.
The company cited slowdown in real estate market, delay in executing projects and cost overruns among others as primary reasons for its indebtedness. From the ongoing projects, it can garner about ₹96.91 crore for distribution to financial creditors and operational creditors over a period of 18 months.
The resolution professional submitted that the plan was approved by the committee of creditors with 91% voting in favour. NCLT said it had met the regulatory threshold of 66%.
The tribunal rejected the objections to the plan citing that the Supreme Court in a slew of judgments had held that the commercial wisdom of the committee of creditors could not be interfered with.
