The Supreme Court recently dismissed an appeal seeking to confine Corporate Insolvency Resolution Process (CIRP) of Spaze Towers Pvt. Ltd. (Corporate Debtor) to a single real estate project of the company located in Gurugram.
A bench of Justice Abhay Oka and Justice Augustine George Masih dismissed an appeal against the decision of National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi rejecting an application to confine the CIRP of the corporate debtor to a single project.
“We agree with the view taken by the National Company Law Appellate Tribunal (NCLAT) that the order under Section 7 of the Insolvency and Bankruptcy Code, 2016 cannot be confined only to one project of the Corporate Debtor (CD). Accordingly, the…
