CIRP - Completion of Real estate project during the Proceedings ...

Tribunal Approves Financial Creditors' Vote on Real Estate Project Completion During Insolvency Process.

March 29, 2024

Case Laws     Insolvency and Bankruptcy     AT

CIRP - Completion of Real estate project during the Proceedings - Appellant filed an application seeking permission for unsecured and secured financial creditors to vote on the Project Completion Proposal - The Appellant sought permission for financial creditors to vote on a Project Completion Proposal, which was granted by the Tribunal. After overwhelming support in the voting process, the Tribunal permitted the Appellant to implement the Proposal under the supervision of the IRP and in accordance with reverse CIRP principles. The appeal was disposed of, with liberty given to parties to approach the Court for any difficulties during project completion.

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