NCLAT: Insolvency Process for Raheja Shilas Project to Continue
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has rejected Raheja Developers’ request to terminate the insolvency resolution process concerning its Raheja Shilas project in Gurugram, citing unresolved issues with flat buyers. The tribunal stated that an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal from the Corporate Insolvency Resolution Process (CIRP) can only be filed once the disputes between flat buyers and the firm are fully settled. Flat buyers remain eligible to file an application under Section 12A. “Respondent Nos. 1 to 43 (flat buyers) have opposed the closure of the CIRP, which…