Delhi bench of the National Company Law Tribunal has given its nod for corporate insolvency resolution process against Era Housing and Developers (India) Ltd.
The insolvency process was initiated at the request of state run IFCI Ltd. which had stated that the firm has been a non-performing asset (NPA) on its books since 2013. The firm owes around Rs 150 crore.
The NCLT bench set aside the arguments made by the counsel of the corporate debtor that the financial creditor, IFCI had already filed a winding up application in Delhi High Court and further invoked action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002.
The court in its judgement observed t…
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