NCLAT modifies insolvency order against Vatika, limiting it to the Gurgaon-based Project Aspirations. Details on the CIRP process and debt.
New Delhi, Mar 30 (PTI) Providing a partial relief to NCR-based realty firm Vatika, the NCLAT has confined the insolvency proceedings against it to a specific Gurgaon-based Project Aspirations.
Modifying the order passed by the National Company Law Tribunal (NCLT), the appellate tribunal said “CIRP cannot engulf all other projects” of the corporate debtor (Vatika).
While admitting the plea of IDBI Trusteeship Services, the Chandigarh-based NCLT bench on February 3 directed to initiate Corporate Insolvency Resolution Process (CIRP) against Vatika and appointed an Interim Resolution Professional (IRP)…