The National Company Law Appellate Tribunal has set aside the NCLT order admitting Mahagun (India) Pvt Ltd into corporate insolvency, holding that the adjudicating authority failed to grant the corporate debtor adequate opportunity to file a detailed reply before reserving orders.
The Tribunal directed that the Section 7 petition filed by IDBI Trusteeship Services Ltd be reconsidered in accordance with law and in light of the Supreme Court’s judgment requiring project-specific treatment of real estate insolvency.
The matter was decided by a Bench comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical).
The Bench noted that although the NCLT had granted one week’s time on 13.06.2025 for filing a reply, only a…