Rajesh landmark projects goes into insolvency

The bankruptcy court has admitted an insolvency plea against real estate developer Rajesh Landmark Projects, a subsidiary of Mumbai-based realtor Rajesh Lifespace, filed by Mumbai-based NBFC IREP Credit Capital.

The Mumbai bench of NCLT has appointed Bhrugesh Amin as the insolvency professional.

IREP Credit Capital has sought to invoke the provisions of IBC for a resolution of an unresolved financial debt of nearly Rs 27 crore. The dues include secured and redeemable non-convertible debentures worth Rs 18 crore issued by the developer, redemption premium, interest, and penal interest.