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    Fatal Blow for Fort Projects as NCLT Orders Insolvency Proceedings

    Opublikowano przez Adam Nowacki włączony 20 listopada, 2023
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    The Kolkata bench of the National Company Law Tribunal (NCLT) has delivered a severe blow to Fort Projects (P) Ltd, a prominent real estate firm in the city, by ordering insolvency proceedings against the company. This decision comes in response to a complaint filed by Emami Realty, one of the major players in the real estate industry.

    Emami Realty, part of the renowned Emami Group and a significant player in the real estate sector, had entered into a financial arrangement with Fort Projects, along with Gagan Dealcom Private Limited, for a loan amounting to Rs 70 crore. The loan was intended to support the development of various real estate properties owned by Fort Projects. According to the terms of the agreement, the interest on the loan was to be determined by the chairman of the Emami Group, and the repayment, along with interest, was expected within nine months.

    Regrettably, Fort Projects failed to fulfill its repayment obligations, leading to a default claimed by Emami Realty totaling Rs 91 crore, with Rs 82 crore as the principal amount and an additional Rs 9 crore as interest. Subsequently, Emami Realty applied under section 7 of the Insolvency & Bankruptcy Code, 2016, and the NCLT issued an order initiating the Corporate Insolvency Resolution Process against Fort Projects.

    With the admission of the said application, Kannan Tiruvengadam has been appointed as the interim resolution professional for the Corporate Insolvency Resolution Process of Fort Projects. This appointment marks the start of a new phase for the company, as it now undergoes the resolution process to address its financial liabilities.

    This development sheds light on the immense financial challenges faced by real estate enterprises in Kolkata and serves as a wake-up call for companies seeking loans and financial assistance in the current economic climate.

    Häufig gestellte Fragen:

    Frage: Warum hat das NCLT Insolvenzverfahren gegen Fort Projects angeordnet?

    Antwort: Das NCLT hat Insolvenzverfahren gegen Fort Projects angeordnet, nachdem eine Beschwerde von Emami Realty wegen eines Kreditverzugs eingegangen ist.

    Frage: Wie hoch ist der gesamte Kreditverzug, den Emami Realty geltend macht?

    Antwort: Emami Realty meldete einen Kreditverzug in Höhe von insgesamt Rs 91 Crore (Rs 82 Crore als Hauptbetrag und der Rest als Zinsen) an.

    Frage: Wer wurde als vorläufiger Lösungsprozessbeauftragter für Fort Projects ernannt?

    Antwort: Kannan Tiruvengadam wurde als vorläufiger Lösungsprozessbeauftragter für den Corporate Insolvency Resolution Process von Fort Projects ernannt.

    The source of the article is from the blog kunsthuisoaleer.nl

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