The dedicated bankruptcy court has reserved its order on the insolvency petition filed by Indiabulls Housing Finance Ltd against Shree Ram Urban Infrastructure Ltd (SRUIL).

Mumbai-based S.S. Kasliwal and Vikas Kasliwal-promoted Shree Ram Mills Ltd was renamed to SRUIL when it had launched its flagship project ‘Palais Royale’ in tony Worli area of central Mumbai.

On 3 May, the division bench of National Company Law Tribunal (NCLT) presided over by B.S.V. Prakash Kumar and Ravikumar Duraisamy had reserved the order after hearing arguments from both sides.

Mumbai-headquartered Indiabulls Housing Finance has approached the tribunal as the financial creditor of the BSE-listed Shree Ram Urban Infrastructure to recover over Rs900 crore. According to the lawyers representing the Indiabulls Housing, the realty company has defaulted on Rs835 crore but with interest, the amount goes up to Rs900 crore.

At the time of launching the project in 2007, it was announced as the tallest residential project in the country with a height of 294 meters. According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), the company has given a deadline of December 2021 to complete to 73 slabs tower.

“We had issued a demand notice to the company in October 2017 and later the company has approached the tribunal on November 2017," argued senior counsel Ravi Kadam who is representing the Indiabulls Housing Finance in the case. “There is an admitted liability in the case. As the financial creditor, this is the only remedy we have and hence we have approached the court."

Advocate Rohan Rajadhyaksha who is representing Kasliwal-

promoted company in the tribunal along with Zal Andhyarujina argued that when the provisional liquidator has already been appointed by the Bombay high court in a separate case against the company, now Indiabulls Housing Finance can’t come to the tribunal and file the insolvency petition against the company.

Meanwhile, some 40 flat purchasers who have booked flats in Palais Royale have also intervened in the case. However, the tribunal had observed that currently there is no such provision which can make them party to the case.

Emailed queries to Indiabulls Housing Finance, as well as Shree Ram Urban Infrastructure, did not elicit any response at the time of writing the story.