The National Company Law Tribunal (NCLT) recently 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, said a press statement released by the Group.
The action taken against the only Company of the Group, that is 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 said, “After 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 unconditional support, trust & faith during this time period.”
He further said: “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.“