NCLT permits withdrawal of insolvency proceedings against Nobility Estates after settlement with creditors. Read more about the case.
New Delhi, May 14 (PTI) The National Company Law Tribunal has allowed withdrawal of insolvency proceedings against Nobility Estates, developer of the luxury housing project ‘Le Grandiose’ in Noida, following a settlement between financial creditors and the erstwhile management.
The Delhi-based Principal bench allowed a section 12A application filed by the resolution professional of the realty firm, seeking withdrawal of the Corporate Insolvency Resolution Process against Nobility Estates.
The insolvency tribunal has directed the handover of the “management and control” of the Corporate Debtor (Nobility…