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The NCLAT ruled that insolvency proceedings against Vatika Limited must be confined to a single real estate project, not the entire company. It emphasized a project-wise CIRP approach to protect homebuyers and unrelated stakeholders despite an established financial default.
The National Company Law Appellate Tribunal (NCLAT) has held that the Corporate Insolvency Resolution Process (CIRP) against Vatika Limited must be limited to a single project.
A Bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra altered the National Company Law Tribunal’s (NCLT) order that had placed the entire real estate company into…