Parsvnath Developers Ltd is now subject to a Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT) admitted a petition related to a default of ₹452.34 crore. This step marks a significant challenge for the real estate firm and could lead to management changes and restructuring under the Insolvency and Bankruptcy Code (IBC).
NCLT Admits Petition
The National Company Law Tribunal (NCLT) has officially admitted a petition seeking CIRP against Parsvnath Developers. The petition was filed by financial creditor, Asset Reconstruction Company (India) Ltd, citing a claimed default amount of ₹452.34 crore.
Mr. Manoj Kumar Anand has been appointed as the Interim Resolution Professional (IRP) to oversee the…