NCLT admits petition against real estate developers Omaxe

NEW DELHI: Chandigarh bench of the National Company Law Tribunal (NCLT) has admitted a petition against Omaxe ltd, filed by group chairman Rohtas Goel’s younger brother and former joint managing director Sunil Goel.
The petition alleging oppression and mismanagement in the affairs of company has been allowed by NCLT.

“We are of the considered view that the present case is one of the exceptional and compelling circumstances which entitle the applicants for granting of waiver,” NCLT said in the order.

According to Sunil Goel, Omaxe, in June 2017, took a loan of Rs 250 crore from Indiabulls Housing Finance Limited based on the minutes of the executive committee.

Though Goel was a part of the Executive Committee but did not receive any notice of the meeting wherein resolution for borrowing of loan of Rs 250 crore was approved.

“We would like to clarify that the tribunal has ‘only’ granted waiver to hear the applicant. The order clearly states that the waiver “shall not have any bearing while deciding the main application or any other connected cases’’. The facts of the case are not admitted or accepted,” said an Omaxe spokesperson.

Earlier, the National Company Law Tribunal (NCLT) had asked the Omaxe group to maintain status quo on 25 acres of land at Kokapet, Hyderabad, and also the shareholding of Eden Buildcon, which owns that property.

According to Sunil Goel, Omaxe at the time of its initial public offering in 2007 had declared that the project at Kokapet would yield a value of more than Rs 1,800 crore.