The ordinance will make homebuyers financial creditors as the amounts raised from them under a real estate project would count as commercial borrowings.
The team handling the resolution of Visa Power, however, has expressed concern that the sale of the company will not generate enough revenue to pay the pending dues of contractors.
The RP may plead before the NCLT that up to 25 days got wasted on account of the eligibility criteria for the H1 (highest) bidder in order to protect the company from going into liquidation.
India Business News: Coimbatore: Though there is no change in the position that moratorium on sale will apply not only to the assets of the ‘Corporate Debtor’ but also to the assets of the guarantors.
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Su-Kam is likely to be put up to bidders and has received informal interest from Greaves Cotton, Luminous Group, and Microtek so far.