In a significant development in the ongoing insolvency proceedings involving Supertech Ltd, the National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by Ram Kishor Arora, the former promoter of the real estate firm, challenging the initiation of personal insolvency proceedings against him.
Earlier this year, the Delhi bench of the National Company Law Tribunal (NCLT) had directed the initiation of personal insolvency proceedings against Arora under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), following a petition filed by the Industrial Finance Corporation of India (IFCI). The NCLT appointed an Interim Resolution Professional (IRP) to oversee the proceedings.
In his appeal, Arora contended that the…
