The National Company Law Tribunal (NCLT) expressed its strong disapproval towards Rashmi Housing Pvt Ltd for unlawfully selling 82 flats during ongoing bankruptcy proceedings. The Tribunal swiftly intervened by annulling the sale of the flats, deeming it a violation of regulations. Each promoter of the company has been ordered to pay a fine of Rs three lakh.
Finance Advisors and Managers, along with Vista ITCL, lodged a complaint against Rashmi Housing Pvt Ltd with the NCLT, citing non-payment issues in 2018. Following an investigation, the Tribunal confirmed that Rashmi Housing had indeed become insolvent and appointed OP Aggarwal for arbitration.
Further, it was explicitly stated that no sales should be conducted in any projects associated with the aforementioned company. Nonetheless, Rashmi Housing violated these instructions and proceeded to sell 82 flats. Upon receiving notice of the situation, the Tribunal promptly cancelled the sale of the flats, maintaining their commitment to upholding regulations.
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