Mascot Soho Homes admitted for insolvency

A financial creditor approached the National Company Law Tribunal (NCLT) against the developer – Mascot Soho Homes Pvt Ltd - over non-payment of dues worth INR 1.86 crore. The NCLT on January 12 admitted the insolvency plea and appointed an insolvency resolution professional (IRP). Homebuyers of Mascot Soho Manorath in Greater Noida are reported to have been waiting for years for possession but the project had made little progress. The project with six towers was launched in 2013. Around 540 flats are believed to have been sold by the developer.