The National Company Law Appellate Tribunal (NCLAT) has formally closed the Corporate Insolvency Resolution Process (CIRP) of Grand Reality Pvt. Ltd., after confirming that the construction of the real estate project was completed and possession handed over to all homebuyers. The case reflects a rare but growing judicial trend where tribunals step in to ensure practical resolution for stakeholders, especially homebuyers, through a “reverse CIRP” model.
The appeal was filed by Satish Chander Verma, a stakeholder in the insolvency proceedings, challenging the continuation of the CIRP despite the project’s near-complete resolution.
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The CIRP against…