National Company Law Tribunal, Chandigarh pass the eviction orders against promoters of James Hotels Limited

National Company Law Tribunal, Chandigarh on Thursday passed the eviction order against the promoters Haravatar Singh and Ajmair Singh Bhullar of James Hotels Limited to vacate the Hotel premises within 3 weeks. The Company James Hotels Limited, a Public Limited Company is already under Corporate Insolvency Process due to non – payment of loans taken by the Company from Banks. As per sources during the Corporate Insolvency Resolution Process, the promoters i.e. Haravatar Singh and Ajmair Singh Bhullar illegally continued to occupy the hotel premises with plush lodging and office space for themselves. In spite of number of e-mails written to them by the Committee of Creditors (Lendors), the promoters refused to vacate the hotel premises. The Promoters also influenced the staff of James Hotel limited and provoked them not to cooperate with the Resolution Professional as appointed by National Company Law Tribunal, Chandigarh.

According to reports, the promoters in December 2017 triggered the strike in the hotel with the purpose of continuing illegal possession in the Hotel. The said promoters not only cheated with the small shareholders of the Company by antedating of the records of the Company who had invested their hard money since long time but also illegally withdrawn the money from the Company for their personal benefits.