After the bench of the National Company Law Tribunal (NCLT) declared Amrapali and Jaypee as insolvent companies, the plight of home buyers, who are struggling for possession, has worsened. This insolvency declaration, among other things, has made Greater Noida Authority powerless in terms of intervention (from the home buyers side).
Now, Greater Noida Authority has taken a decision of submitting a caveat a notice, especially in a probate, that certain actions may not be taken without informing the person who gave the notice to the NCLT. This would ensure that going forward NCLT cannot declare any real estate firm as insolvent without informing the Greater Noida Authority.
This move is particularly pertinent in the current…
Read the full article at: http://www.dnaindia.com/delhi/report-nclt-can-t-declare-any-builder-insolvent-2550852
