NCLAT Upholds Order to Recall Logix Infra Insolvency Case
NEW DELHI: The NCLAT has affirmed the National Company Law Tribunal’s (NCLT) decision to rescind its earlier ruling regarding an insolvency case against Logix Infrastructure, labeling the debt claim as “fraudulent” and “malicious”. A two-member NCLAT bench noted that the plea for the Corporate Insolvency Resolution Process (CIRP) against Logix, which is developing the Blossom County project in Noida Sector 137, is grounded in collusion and lacks integrity. “Given the facts of this case, we see no errors in the NCLT’s orders allowing the Section 65 application from the Respondents. Thus, reversing Section 7 proceedings does not constitute a review…
