The Supreme Court on Thursday (July 9) dismissed the appeals filed by the suspended director of Parsvnath Developers Ltd., upholding the revival of Corporate Insolvency Resolution Process proceedings against the real estate group in a default case involving approximately ₹452 crore.
A partial court working days bench of Justice KV Viswanathan and Justice Alok Aradhe refused to interfere with the National Company Law Appellate Tribunal’s (NCLAT) order, which had upheld the NCLT’s decision to revive the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor i.e., Parsvnath Developers Ltd.
Parsvnath Developers-Corporate Debtor had availed loan facilities from Sammaan Capital Ltd. starting in 2018, with the total…