Imperia Mindscape News Today

Imperia Structures Insolvency: Admitting a joint plea filed by 28 unit holders of its Gurugram-based project Imperia Mindscape, the insolvency tribunal said after examining the records, it is clear that there is a debt and a subsequent default by the realty firm for an amount of Rs 36.79 crore as it could not provide assured returns as promised.

"The petition establishes that the corporate debtor is in default of a debt due and payable and that the default is for an amount which is more than the minimum amount of pecuniary threshold stipulated under section 4 (1) of the Code. The instant petition... for initiating CIRP against Imperia Structures Limited, the corporate debtor, stands admitted and CIRP of Imperia Structures Limited is initiated," said NCLT.