NCLT quashes insolvency proceedings against NCR realty firm
The National Company Law Tribunal (NCLT) has set aside the insolvency proceedings against Sikka Infrastructure Pvt Ltd, noting that no order was ever passed against the group and all other companies and projects except Sikka Karnam Greens under the Sikka Group remain untouched and unaffected by the issue.
The action taken against the only Company of the Group i.e. Sikka Infrastructure Pvt. Ltd. has been dismissed by the Tribunal. The tribunal also set aside the order of NCLT appointing a resolution professional to run the company, declaring a moratorium, freezing of accounts and other orders.
Elaborating on the issue, Harvinder Sikka, MD, Sikka Group, “Now with NCLT’s decision of quashing the insolvency proceedings, we are really thankful to the court for once again making us believe in truth and true victory. We would also like to thank our entire esteemed customers, lenders & vendors for their un-conditional support, trust & faith during this time period.”
“Also, any of your fears with respect to the project “Sikka Karnam Greens” and its development are completely unfounded as the project development work is undergoing day & night to complete balance Phase-2 & Phase-3. Occupancy Certificate has been already applied with Noida Authority and we expect to receive it very soon.”
The group has not only gained heights in residential and commercial segment but is also a distinguished business entity in the industry of automobiles and hospitality sector, the conglomerate is in the process of developing & operating 5-star hotels, service apartments, business & boutique hotels under its wings. The group has already delivered multiple projects across Noida and Greater Noida. Sikka Kaamna Greens, Sikka Kaamya Greens, Sikka Kimaantra Greens and Sikka Capital Grand, are the projects in pipeline for Noida. The group is also developing Sikka Kimaya Greens, offering 2/3/4 BHK apartments, penthouses & affordable flats in Dehradun.