The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) quashed the admission of home buyer’s admission plea, noted that the application under Section 7 of the Insolvency and Bankruptcy Code 2016 was “deemed withdrawn” under the updated Insolvency and Bankruptcy Code (IBC).
In this case, the bench had set aside the admission of a Section 7 insolvency application filed by homebuyers against M/s Gayatri Hospitality and Realcon Ltd.
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The appeal has been filed by the suspended director of the corporate debtor (CD), M/s Gayatri Hospitality and Realcon Ltd., challenging the order passed by the National Company Law Tribunal (NCLT).
The…