NCLT agrees to urgently hear pending plea of Gurgaon RWA against Vipul Ltd

New Delhi, October 3: The NCLT has agreed to hear expeditiously arguments on a plea of the Residents’ Welfare Association (RWA) of Vipul Greens in Gurgaon filed on behalf of 644 residents. 

The plea has been pending before the NCLT since February 2019.

The plea said that the residents are living since 2009 in Vipul Greens developed by Vipul Limited which has not paid back more than Rs 10 crore outstanding sums to the RWA, provided for in the agreements, due to which the residents are facing safety and security issues in the condominium.

It was argued by the counsel for the Financial Creditor Applicant that they run a real risk of actual dissipation of assets by Corporate Debtor which will render the process of CIRP infructuous, if not acted in time. 

It was further brought to the notice of the bench that certain banks had already started precipitating action against Vipul Ltd and in one such case, it is facing action in SARFAESI from PNB for non-payment of debt to the tune of Rs 425 crore. 

Possession notices, it was argued, are on the website of PNB Housing Finance. The Gurgaon office at Vipul Aghora is also believed to have been sold by Vipul.

Mr Rajiv Virmani, led the arguments for the Applicants along with Gaurav Jain and Tarun Biswas, Advocates,

It was further argued that as many as eight more applications have been filed by various other financial creditors against Vipul Limited, apprehensions on the collusive nature of few of which cannot be ruled out  particularly filed to evade CIRP at the hands of an independent Financial Creditor. 

The NCLT bench listed the matter for arguments on October 12.

In the past, when the final arguments in the matter of Applicant were heard and final orders were reserved, another application by Shambhu Agencies Pvt Ltd, a month later, was admitted in the NCLT, thereby rendering the final arguments of VGRWA infructuous. Later on, the matter was settled between the parties.