With the National Company Law Tribunal (NCLT) starting insolvency proceedings against Sikka Infrastructure Private Limited. Another big developer is the national capital region is headed towards bankruptcy. A public announcement by the NCLT dated January 25 states that insolvency proceedings against the firm have commenced starting January 23. The estimated date of closure of this resolution process is July 22. Anup Kumar has been identified as the Interim Resolution Professional (IRP) in the case.
He has asked financial creditors to submit their claims with proof by February 9. The insolvency process is expected to finish by July 22. Homebuyers need to fill Form C for submitting their claims. All the financial creditors have to submit their claims through electronic method only. Hence, buyers can send their filled forms along with the copy of proof at email@example.com.
Earlier in September 2018, the group had announced its plan to foray into education and hospitality. As also speeding up construction in its four incomplete residential projects in Noida, Greater Noida and Dehradun. These projects were scheduled for completion in 2014. But had been delayed by over four years now. Apart from incomplete projects, homebuyers in 2017 had also complained of violations of sanctioned building plans and poor construction quality.
The builder was asked to submit tower-wise completion plan to Noida Authority. After which it raised a debt of Rs 230 crore to complete 3,300 housing units in Noida region. The project was scheduled for delivery in March 2018 but still remains incomplete with no basic amenities and facilities in place.
At present, the builder has 10 active residential and commercial projects in different parts of North India. Sikka is one of the oldest developers in the national capital region with a total built-up area of the ongoing project exceeding 6 million sq ft, according to the official website of Sikka Group.