The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment defaultclaim by a creditor against the JV between the Kerala government and Dubai’s Tecom Investments. The venture was dragged to NCLT by Synergy Property Development Services, an operational creditor, under the Insolvency and Bankruptcy Code, 2016, claiming a default on a Rs 20 million payment. NCLT has directed a moratorium of 180 days prohibiting any suits and proceedings against SmartCity or transferring or dealing with any of its assets. The Kerala government holds a 16 per cent stake in the information technology (IT) special economic zone, with Dubai’s Tecom owning the rest.
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