In a major relief to realty firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against it and directed the NCLT to hear the petition afresh, considering the fresh status report filed before it over the projects.
A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific.
Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of Mahagun, where they prayed to set aside the NCLT order directing insolvency against the realty firm.
Some of them also…