Homebuyers Qualify as Financial Creditors: NCLT Initiates CIRP Against Real Estate Developer for ₹6.76 Crore Default [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Chandigarh Bench has admitted an insolvency petition against Primezone Developers Private Limited, holding that homebuyers qualify as financial creditors under the Insolvency and Bankruptcy Code, 2016 (IBC) and that the developer had committed default in respect of claims aggregating to ₹6.76 crore. The petition was filed jointly by 33…

NCLT Mumbai Admits Paytm Parent’s Insolvency Plea Against Gaming Company Fabzen Over ₹3.41 Crore Dues

Bankruptcy

The National Company Law Tribunal (NCLT) in Mumbai has admitted an insolvency plea filed by One97 Communications Ltd, which operates Paytm, against gaming company Fabzen Technologies Pvt Ltd over unpaid dues of more than ₹3.41 crore for digital advertising services. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that One97…

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Bankruptcy

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Bankruptcy

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Rescuing more, recovering less

Bankruptcy

A company trapped in prolonged insolvency proceedings steadily loses customers, employees, contracts, suppliers and market relevance (Photo | AFP) The Insolvency and Bankruptcy Code, now in its 10th year, is perhaps India’s most consequential market reform for resolving corporate distress and reallocating resources from failed enterprises to more efficient hands. Since its inception, the code has…

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Bankruptcy

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Bankruptcy

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