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The Corporate Insolvency Resolution Process (“CIRP”) of a real estate company is fairly divergent from other sectors. The stressed real estate company may have multiple projects that may be at...
The National Company Law Tribunal (NCLT) declared the resolution plan by Wadhwa Buildcon LLP's promoters invalid, citing conduct issues by the Resolution Professional (RP) and the promoters being declared wilful defaulters. Bank of India, the company's financial creditor, raised concerns about irregularities in the approval process, leading to the plan's rejection. NCLT found the voting dynamics skewed, favoring homebuyers over financial creditors due to RP's actions.
Wadhwa Buildcon: The matter, brought by the company’s financial creditor Bank of India, highlighted various irregularities in the approval process of the resolution plan, ultimately leading to its rejection.
Citations 2024 LiveLaw (Del) 253 to 2024 LiveLaw (Del) 285NOMINAL INDEXMaster Arnesh Shaw v. Union of India & Anr. 2024 LiveLaw (Del) 253M/s MAC Associates vs Parvinder Singh 2024 LiveLaw (Del) 254My...
The Delhi High Court has issued a show cause notice to the Resolution Professional (RP) of crisis-hit Go Air as to why contempt proceedings be not initiated against him, observing that he was unable...