Raheja Developers moves NCLAT against insolvency
Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. On Tuesday, the Principal Bench of the National Company Law Tribunal (NCLT) admitted a plea filed by over 40 of its flat allottees of Sector 109, Gurugram-based projects and directed to initiate a Corporate Insolvency Resolution Process (CIRP).
Moreover, the NCLT had also appointed an Interim Resolution Professional (IRP), suspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code.
The NCLT has also directed the IRP to submit a report on the progress of the CIRP by January 22, 2025.
The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company Law Appellate Tribunal (NCLAT).
Raheja's petition was presented before a three-member NCLAT bench, comprising Justice Rakesh Kumar Jain, which directed it to list on Thursday for a hearing.
Office Productivity
Excel Essentials to Expert: Your Complete Guide
By — Study At Home, Quality Education Anytime, Anywhere
Strategy
Succession Planning Masterclass
By — Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Artificial Intelligence(AI)
AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills
By — Metla Sudha Sekhar, IT Specialist and Developer
