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2 clusters · 4 sources · 13 days · First seen · Last updated

Insolvency proceedings against ESPO Developers

Overview

The National Company Law Tribunal (NCLT) New Delhi Bench admitted a Corporate Insolvency Resolution Process (CIRP) plea against ESPO Developers Pvt. Ltd. filed by Omkara Asset Reconstruction Pvt. Ltd. The plea, valued at ₹164.03 crore, follows a dispute regarding a ₹136 crore loan facility originally provided by Indiabulls Housing Finance Ltd. in 2019.

While the parties had entered a Settlement Agreement in March 2023, Omkara ARC claimed the agreement was revoked in July 2024 because the corporate debtor failed to meet specific milestones. ESPO Developers contested the petition, citing ₹77.03 crore in payments and ongoing arbitration, but the tribunal rejected these arguments. Ashok Mittal has been appointed as the Interim Resolution Professional.

Entities

National Company Law Tribunal · NCLAT Delhi · Vyshnavi Spices LLP · Indiabulls Housing Finance Ltd. · Small Industries Development Bank of India

Timeline

  1. [BUSINESS] 3 sources
    NCLT admits ₹164.03 crore insolvency plea against ESPO Developers

    The NCLT New Delhi Bench admitted a ₹164.03 crore insolvency plea against ESPO Developers Pvt. Ltd. following a default on a loan originally provided by Indiabulls Housing Finance.

  2. [BUSINESS] 2 sources
    NCLAT Delhi bars insolvency due to pre-existing dispute over spice quality

    NCLAT Delhi set aside an insolvency order, ruling that a pre-existing dispute over the quality of sub-standard spices barred the initiation of the Corporate Insolvency Resolution Process.

Sources

barandbench.com · taxguru.in · taxscan.in · torbitconsulting.com