PUNE: Pune-based construction company Gagan I-land Township Private Limited has started insolvency proceedings under the orders of the National Company Law Tribunal to initiate the corporate insolvency proceedings.

Gagan I-land Township Private Limited is helmed by Vishal Ghanshyam Agarwal, Sushil Ghanshyam Agarwal and Alnesh Akil Somji. The Tribunal has issued a notice to the creditors of Gagan I-land Township Private Limited for inquiry and directed them to submit their claims with evidence to the Interim Resolution Professional here on or before August 16, 2022.

The borrowers should submit their claims along with evidence through electronic means only. The order also states that all the other creditors may submit claims with evidence in person, by post or electronically. 

Any of the three insolvent professionals will choose an authorized representative to act as their sanctioned representative of the concerned financial debtor, class, home buyer in the form.  

The order also states that providing false or misleading evidence of the claim will be punishable by law.

According to the Ministry of Corporate Affairs (MCA) records, the last Annual General Meeting (AGM) of Gagan I-Land Township Private Limited was held on September 28, 2017. According to the public notice issued by the tribunal, the last balance sheet date is March 31, 2017.