The National Company Law Appellate Tribunal(NCLAT) has looked at the ambit and procedure for conducting the CorporateInsolvency Resolution Process (CIRP) in the context of the Corporate Insolvency Proceedings initiated on account of Defaults related to IL&FS Financial Services Ltd. (IL&FS) , particularly in the context of Real Estate Entities.
The NCLAT, while dealing with the matter noted that “In the context of real estate insolvency, particularly where the default relates to financial stress faced by the IL&FS Group, a restricted Corporate Insolvency Resolution Process for the corporate debtor as a whole might be more appropriate rather than a blanket insolvency of the corporate debtor as a whole”
The appeal…