Tag: Nobility Estates

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NCLT Permits Withdrawal of Insolvency for Nobility Estates

NEW DELHI: The National Company Law Tribunal (NCLT) has permitted the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the developer of ATS Group’s residential project Le Grandiose in Noida, following an agreement reached between lenders and the previous management. The order was issued by the NCLT Principal Bench, led by Acting President Bachu Venkat Balaram Das and Member (Technical) Ravindra Chaturvedi on May 5, 2026. The application was submitted by resolution professional Hitesh Goel under Section 12A of the Insolvency and Bankruptcy Code (IBC) along with related regulations. Insolvency proceedings against Nobility Estates commenced on November…

Latest StoriesRegulatory

IBBI Suspends Insolvency Pro for 2 Years in Supertech Case

NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has suspended an insolvency professional’s registration for two years due to serious lapses in managing the insolvency proceedings of Supertech Ltd and Nobility Estates. In an order dated March 30, the IBBI’s disciplinary committee found that Hitesh Goel neglected his responsibilities as defined under the Insolvency and Bankruptcy Code (IBC) and relevant regulations while handling the corporate insolvency resolution process for both companies. Supertech Ltd was initiated into insolvency in March 2022, with Goel first acting as the interim resolution professional (IRP) and later confirmed as the resolution professional. The…