The Mumbai bench of the National Company Law Tribunal admitted a plea filed by Beacon Trusteeship Ltd against Mumbai-based Modella Textile Industries Ltd after the company defaulted on its dues to the tune of about Rs 502 crore.
The company has argued that it has mortgaged several properties worth around Rs 906 crore in favour of the financial creditor to secure loans allegedly payable against the debentures issued.
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One of the land parcels spread over around 14 acres in Thane, the company has entered into commercial negotiations with two realty developers for joint development of certain residential and retail real estate projects. The company has also received interest from seven developers to acquire a separate 4-acre land parcel in Thane.
The Mumbai bench of the National Company Law Tribunal, while allowing the plea, has also appointed Bhrugesh Amin as interim resolution professional (IRP) of the company to initiate Corporate Insolvency Resolution Process (CIRP) against the company.
Beacon Trusteeship Ltd had approached the Mumbai bench of the National Company Law Tribunal (NCLT) on behalf of Edelweiss Asset Reconstruction Company Ltd after the company failed to repay its dues as per the debenture trust deed of 2017.
“The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan,” said the tribunal in its May 4 order.
