The National Company Law Tribunal (NCLT) has admitted the insolvency plea against Parsvnath Landmark Developers, filed by three of its flat builders, for inordinate delay and non-refund of their payment.

The tribunal has also appointed Yash Jeet Basrar, an interim resolution professional (RP), to run the corporate insolvency resolution process of Parsvnath Landmark Developers, a subsidiary of real estate firm For Parsvnath Developers.

A two-member bench of the NCLT headed by President Justice M M Kumar has directed all the personnel “connected with the corporate debtor (Parsvnath Landmark Developers), erstwhile directors, promoters or any other person associated with the management of the corporate debtor” to extend every assistance and cooperation to the RP in managing the affairs of the company.

The tribunal has also directed that “in case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the Interim Resolution Professional/Resolution Professional would be at liberty to make appropriate application” before it for passing an appropriate order.

It has also directed the Registrar of Companies to update “the status of ‘corporate debtor’ and specific mention regarding admission of this petition must be notified” on its portal.

Tribunal direction came over a petition filed by Alka Agarwal and two others, who had booked flat at La Tropicana project of Parsvnath Landmark Developers at Khyber Pass in Delhi for a consideration of Rs 10.93 crore.

According to the flat buyer agreement executed between the parties on October 1, 2009, Parsvnath Landmark Developers was to hand over the possession within 36 months from the date of commencement of construction with grace period of six months.