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NCLT admits insolvency plea against Pune-based Darode Jog Realties

Dated on: Thursday 26th October 2023

The National Company Law Tribunal (NCLT) has accepted the insolvency application filed by ICICI Bank against the real estate developer Darode Jog Realties. The tribunal has appointed Akansha Rathi as the insolvency professional to oversee the company's affairs until the process is finalized. The bank initiated this action under the Insolvency and Bankruptcy Act of 2016 in February 2022 due to outstanding dues amounting to 154 crore Rupees. The company began defaulting on these payments in November 2021.

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