The National Company Law Appellate Tribunal has ruled against closing the insolvency resolution process for Raheja Developers’ project, Raheja Shilas, in Gurugram. The tribunal highlighted unresolved issues with flat buyers as a blocking point in the proceedings.
In its ruling, the NCLAT bench, led by Chairperson Justice Ashok Bhushan, remarked that the closure plea under the Insolvency and Bankruptcy Code’s Section 12A is premature since issues between the parties remain unsettled. The tribunal emphasized that flat buyers could independently initiate an application under the same section.
Lawyers for Navin Raheja, CMD of the developer, argued in favor of closing the corporate insolvency resolution process, citing possession and…