The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Yogesh Khanna (Judicial Member) and Mr. Indevar Pandey (Technical Member) exercising its inherent powers under Rule 11 of the NCLAT Rules, 2016, has closed the Corporate Insolvency Resolution Process (“CIRP”) against Grand Reality Pvt. Ltd. through the ‘Reverse CIRP’ mechanism. The project was completed under court-monitored supervision, and possession was handed over to all homebuyers, and no outstanding claims were due.
Brief Facts
The appellant filed the appeal challenging the order passed by NCLT New Delhi dated 14.02.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”). On 26.09.2023, the NCLAT…