2020 (8) TMI 904 - SCH - Insolvency and Bankruptcy

Initiation of Corporate Insolvency Resolution Process for resolution - approval of any plan of a third party (Resolution Applicant) is not required - It was held by NCLAT, New Delhi that as it is found very difficult to follow the process as in normal course is followed in a Corporate Insolvency Resolution Process, we are of the view, that a Reverse Corporate Insolvency Resolution Process can be followed in the cases of real estate infrastructure companies in the interest of the allottees and survival of the real estate companies and to ensure completion of projects which provides employment to large number of unorganized workmen. HELD THAT - There are no ground to interfere with the impugned orders passed by the National Company Law Appellate Tribunal. Appeal dismissed.

Summary

The Supreme Court granted permission to file a civil appeal. After hearing both parties, the Court dismissed the civil appeals, finding no grounds to interfere with the orders passed by the National Company Law Appellate Tribunal. Pending applications were disposed of.