Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015-Update on litigation
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Nimbus Projects has filed a petition in the Delhi High Court seeking appointment of an arbitrator to recover outstanding rent from tenant M/s Nirvana Hospitality and three other parties. The tenant had leased a commercial property at Vasant Square Mall, Vasant Kunj, Delhi and has defaulted on monthly rental payments since May 2024. The total outstanding dues stand at approximately Rs. 70 lakhs. The company has classified this as a material litigation under SEBI listing rules and provided detailed disclosure as required.
This is a routine recovery action by the company against a defaulting tenant and is not expected to materially affect operations or financials. The Rs. 70 lakh claim is small relative to typical corporate disclosures and resolution through arbitration could take several months.