NCLAT declines Raheja Developers” plea to close insolvency process against Raheja Shilas in Gurugram. Flat buyer issues unresolved.
New Delhi, Apr 3 (PTI) The National Company Law Appellate Tribunal (NCLAT) has declined Raheja Developers’ plea to close the insolvency resolution process against its project Raheja Shilas in Gurugram, after observing that the issues with flat buyers have not been resolved.
It further said an application under Section 12A of Insolvency and Bankruptcy Code (IBC) for withdrawal of CIRP can be filed only after issues between the flat buyers and the realty firm are “resolved and any settlement is entered”. It shall be open for the flat buyers to file an application under Section 12A.
“Respondent Nos.1 to 43 …