Noida: The National Company Law Tribunal (NCLT) has terminated the corporate insolvency resolution process (CIRP) against Logix Infrastructure Pvt Ltd — the developer of Blossom County in Sector 137 — citing “fraudulent intent” in the petition.
In its Feb 6 order, the tribunal asked the resolution professional (RP) to allow Logix Infrastructure’s former directors to take back control of the company’s management. It also asked Experts Realty Professionals — the financial creditor that had originally filed the insolvency petition — to bear all costs related to the CIRP till now and pay a penalty of Rs 5 lakh, which it must deposit with the Prime Minister’s National Relief Fund within 10 days.
The case emerged when Experts Realty…
