South Mumbai real estate developer Lokhandwala Infrastructure has been dragged to the National Company Law Tribunal (NCLT) by its financial creditor Dalmia Group Holdings, claiming a total default of over Rs 36 crore, including interest.
The Mumbai Bench of the NCLT has admitted the case under Section 7 of IBC against Lokhandwala – the builder of marquee luxury properties like Minerva in the south Mumbai neighbourhood of Worli, among others. The case was admitted on September 19, 2019.
The Bench has appointed Ajit Kumar as the resolution professional. The RP has put out notice asking for claims from creditors of Lokhandwala Infrastructure.
According to an uploaded order, the dispute is “in respect of construction of a commercial project by the name of ‘Lokhandwala Business Bay’ situated at Kurla Andheri Road, Mumbai. Lokhandwala sought to avail financial facilities from Dalmia by selling the entire area comprised of the second and third floors in the said project, with a right to buy back the said floors after a period of 24 months, but before the expiry of 36 months from the date of advance”.
According to Dalmia’s submissions before the NCLT, the total consideration for buying the said floors was over `41 crore, out of which it agreed to disburse an amount of Rs 25 crore as advance with an obligation to pay the balance amount at the time of taking possession of the said floors.
Dalmia has submitted that as per the MoU, Lokhandwala was to repay quarterly interest at 21% per annum. “The respondent (Lokhandwala Infrastructure) has paid the quarterly interest till the quarter ending September 2017. However, such instalments were not paid on time and were delayed payments. The applicant (Dalmia) submits that the respondent has defaulted in making payments from the third quarter of the financial year 2017-18 and has not honoured the terms of the MoU dated 04.04.2016,” the submission read.