Raheja Developers filed an appeal with the National Company Law Appellate Tribunal (NCLAT) to contest the initiation of insolvency proceedings against the company due to defaults related to the non-delivery of its Shilas project in Gurugram. This follows the Principal Bench of the National Company Law Tribunal (NCLT) admitting a petition from over 40 flat allottees of the Sector 109 project, directing the initiation of a Corporate Insolvency Resolution Process (CIRP).
The NCLT has appointed an Interim Resolution Professional (IRP), suspended the company’s board, and placed it under a moratorium against creditors as stipulated by the Insolvency and Bankruptcy Code. The IRP has been tasked with submitting a progress report on the CIRP by…
