{"id":37985,"date":"2022-04-25T17:09:29","date_gmt":"2022-04-25T11:39:29","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-nclat-santasha\/"},"modified":"2022-04-25T17:20:26","modified_gmt":"2022-04-25T11:50:26","slug":"biz-nclat-santasha","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclat-santasha\/","title":{"rendered":"NCLAT directs no further steps in insolvency case against Santasha Real Estate"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3824605081\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Apr 25 (PTI) Appellate tribunal NCLAT has directed not to take any &#8220;further steps&#8221; in pursuance with an order passed by the National Company Law Tribunal directing to initiate insolvency proceedings against realty firm Santasha Real Estate.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1884070732\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The New Delhi bench of the National Company Law Tribunal (NCLT) had on March 29, 2022 ordered for initiation of insolvency proceedings against the realty firm over a plea filed by Vani Advertising, an operational creditor to the company, claiming default.<\/p>\n<p> This order was challenged by Santasha Real Estate before the appellate tribunal NCLAT (National Company Law Appellate Tribunal) contending that NCLT proceeded ex parte against the company and reserved its order on March 14, 2022.<\/p>\n<p> Santasha had also filed an application for a recall of the said order, but NCLT rejected it on March 28, 2022 and the next day passed an order to initiate insolvency proceedings against the company.<\/p><div class=\"trade-content_5\" id=\"trade-1926327144\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> On Santasha&#8217;s plea, a three-member NCLAT bench issued a notice and said its &#8220;submissions need scrutiny&#8221;.<\/p>\n<p> &#8220;In the meantime, no further steps shall be taken in pursuance of the order dated March 29, 2022,&#8221; said the NCLAT bench headed by Justice Chairperson Ashok Bhushan on April 21.<\/p>\n<p> Vani Advertising had claimed a default of Rs 40.77 lakh.<\/p>\n<p> Admitting its plea, NCLT had appointed an interim resolution professional after suspending the board of the real estate firm.<\/p>\n<p> Vani Advertising had submitted that Rs 40.77 lakh was due on the real estate firm in lieu of the advertising services provided by it.<\/p>\n<p> The advertising company had completed the work within the stipulated time frame as per the contract. However, the payment was not made in time and remains pending, as per the plea. PTI KRH  HVA<\/p><div class=\"trade-content-10\" id=\"trade-3996676656\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<div class=\"trade-after-content\" id=\"trade-99639071\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 25 (PTI) Appellate tribunal NCLAT has directed not to take any &#8220;further steps&#8221; in pursuance with an order passed by the National Company Law Tribunal directing to initiate insolvency proceedings against realty firm Santasha Real Estate. The New Delhi bench of the National Company Law Tribunal (NCLT) had on March 29, 2022 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-37985","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT directs no further steps in insolvency case against Santasha Real Estate - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-nclat-santasha\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT directs no further steps in insolvency case against Santasha Real Estate\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Apr 25 (PTI) Appellate tribunal NCLAT has directed not to take any &#8220;further steps&#8221; in pursuance with an order passed by the National Company Law Tribunal directing to initiate insolvency proceedings against realty firm Santasha Real Estate. 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