NCR - based real estate firm Logix City Developers Pvt Ltd has been dragged into insolvency proceedings.

When a company or individual can no longer pay their debts, it is said to be insolvent.

The Logix organization was founded in 1997 in Noida, Delhi NCR.

A real estate consulting company, operational creditor Colliers international (India) Property Services Private Ltd, filed an insolvency petition against Logix City Developers.

The money owed was for consulting services Colliers gave to the corporate debtor for its Noida-based project Bloom Zest in the areas of construction and project management.

The corporator debtor expressed confidence in the completion of the Bloom Zest project.

However, the NCLT predicated its decision on the fact that Logix City Developers' corporate debtor did not contest the amount owed and so accepted the bankruptcy petition.

Logix City Developers becomes another construction company against which insolvency proceedings have been initiated