Paridhi Arya
Published on June 27, 2022 at 15:24 IST
The National Company Law Tribunal has appointed the retired Karnataka High Court Judge, Justice Anand Byrareddy as the administrator of Buoyant Technology Constellations Pvt. Ltd which was earlier called Mantri Technology Constellations Pvt. Ltd.
The Tribunal had suspended the Board of Buoyant Technology Constellations Pvt. Ltd as when other Mantri groups including Waterwalk Apartments Pvt. Ltd. And real estate developer Sushil Mantri and other seven companies had filed the petition against it.
The Petition was filed under Section 241 and 242 of Companies Act, 2013.
There are two projects namely Mantri Manyata Engeria and Mantri Lithos which is right now the Buoyant Technology Constellations Pvt. Ltd and that is why the Tribunal held that administrator shall hold office and manage the affairs till further order.
The tribunal asked the administrator to file monthly report independently. The dispute arisen between the two shareholders of Buoyant Technology.
The Tribunal observed that Xander Group was one shareholder who is instrumental in mismanaging the affairs and also oppressed the rights of Waterwalk Apartments Ltd. Due their action and omission.
The Tribunal cleared that the objective of Xander Group was made out to be to gain wrongfully at the cost of Buoyant Technology.
The Advocate Bhagyalakshmi Ayyar of the Forum for People’s Collective Efforts which represents the home buyers in the Court so that their rights can be protected informed the Tribunal that the adjudication is pending before the K-REREA authority against Engeria group. Now the Homebuyers of Energia has to make representation before Justice Anand Byrareddy against.