NCLAT Limits Vatika’s Insolvency Order to Gurugram Project
NEW DELHI: The NCLAT has provided partial relief to NCR-based real estate firm Vatika by limiting the ongoing insolvency proceedings to a specific project, “Project Aspirations,” located in Gurgaon. The National Company Law Appellate Tribunal (NCLAT) modified the earlier order from the National Company Law Tribunal (NCLT), clarifying that “CIRP cannot encompass all other projects” of Vatika. On February 3, following a plea from IDBI Trusteeship Services, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) against Vatika and appointed an Interim Resolution Professional (IRP) while enforcing a moratorium. This decision was subsequently challenged by Surender Singh, a director of…
