Plans afoot to transform city centre site into commercial hub
The law tribunal has initiated the corporate insolvency resolution process against Today Homes and as per LIT officials, IRP would now be joining the proceedings in the Delhi High Court
The appointment of an interim resolution professional (IRP) for Today Homes and Infrastructure by national company law tribunal (NCLT) has given a ray of hope to the Ludhiana Improvement Trust (LIT), which is now mulling over setting up a commercial hub at the city centre’s site in Shaheed Bhagat Singh (SBS) Nagar.
The law tribunal has initiated the corporate insolvency resolution process against Today Homes and as per LIT officials, IRP would now be joining the proceedings in the Delhi High Court (HC).
In this case, which is going on in the Delhi HC, Today Homes is demanding compensation from LIT while the latter is fighting against it. In 2017, the sole arbitrator, Justice RC Lahoti, had ruled in the favour of the company and ordered LIT to compensate it.
According to an LIT official, the relief amount goes up to ₹1,100 crore including the interest.
It was challenged by LIT in the court.
Later, the company also moved court against the LIT. Both petitions were clubbed and transferred to the Delhi HC in February 2019 on the orders of the Supreme Court.
The next hearing in the case is scheduled for December 13.
In the last week of November, the Ludhiana district and sessions court had acquitted Punjab CM Captain Amarinder Singh and others in the alleged Ludhiana city centre scam.
The incomplete project is damaging the image of the Congress as well as spelling troubles for residents of the areas nearby as boundary walls of the site cave in almost every year during monsoon.
As per LIT officials, the Trust and state government are now engaging in serious talks to revive the city centre site, which has gradually become a safe haven for drug addicts and anti-social elements.
The LIT would not be continuing the previously proposed city centre project as the scenario has changed. The authorities are now working to come with a plan to transform the site into a commercial hub, LIT officials say.
LIT chairman Raman Subramaniam says they want to launch a new project at the city centre site for the welfare of society and residents.
The case regarding the compensation is pending in the Delhi HC and they have come to know about the appointment of an IRP.
“We are positive that a solution would soon come out after the appointment of IRP, following which further decisions would be taken,” the chairman said.