In a rare move, the National Company Law Tribunal (NCLT) has revoked its own July 2023 order that initiated insolvency proceedings against real estate firm Logix Infrastructure. The tribunal ruled that the plea, filed by financial creditor Experts Realty Professionals, was made with “fraudulent and mala fide intentions” and involved collusion between the creditor and the corporate debtor.
The NCLT found that the entire transaction was “orchestrated” and that the insolvency forum was misused with “purported malicious intent.” It stated that the petition was filed for purposes other than resolving insolvency, which goes against the objectives of the Insolvency and Bankruptcy Code (IBC).
Highlighting serious irregularities, the…
