Mabsoot Buildhomes India Private Limited (“MBIPL” or “Corporate Debtor”) was incorporated in the year 2013 and is involved in the business of real estate activities with own or leased property, which includes buying, selling, renting and operating of self-owned or leased real estate property such as apartment building and dwellings, non-residential buildings, developing and subdividing real estate into lots etc. It is classified as a non-govt. company and is registered at the Registrar of Companies, Delhi.
L&T Finance Limited (“L&T”) had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of corporate insolvency resolution process before the Hon’ble National Company Law Tribunal, New Delhi Bench – IV against MBIPL, bearing C.P. IB No. 778/ND/2021. The application was admitted by the NCLT vide its Order dated May 2, 2023 and Mr. Ajit Gyanchand Jain was appointed as the Interim Resolution Professional of the Corporate Debtor with effect from the Insolvency Commencement Date. A public announcement was made on May 10, 2023, in the newspapers (Jansatta and Financial Express) regarding initiation of CIRP of the Corporate Debtor pursuant to the Order dated May 2, 2023 and had called for submission of proofs of claim from the financial creditors, operational creditors, workmen, employees and all other stakeholders of MBIPL in the specified forms till May 22, 2023 (the “Cut-off Date”). A copy of the public announcement dated May 10, 2023 has been published on the website of the Insolvency and Bankruptcy Board of India. Further, pursuant to the provisions of Regulations 13(2) (d) and 17(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a report was filed in the Hon’ble NCLT certifying constitution of Committee of Creditors of the Corporate Debtor vide application dated June 01, 2023 having I.A. No. 3193 of 2023. Further, the Committee of Creditors in its first meeting dated June 9, 2023 appointed Mr. Ajit Gyanchand Jain as the Resolution Professional of the Corporate Debtor. The Resolution Professional is acting in terms with the Insolvency and Bankruptcy Code, its Rules and Regulations as amended from time to time and has no personal liability.