In probably the first petition to be filed after an ordinance brought homebuyers on par with financial creditors, an investor has moved the National Company Law Tribunal, Delhi, seeking to initiate corporate insolvency resolution process in respect of a builder who not only failed to handover possession of residential unit despite missing the deadline five years ago but also did not refund the money paid by the petitioner (financial creditor)
Surjendu Sekhar Kuila and Pooja Bhatnagar, residents of South Delhi, have moved NCLT through PSP Legal praying that an order be passed for initiating corporate insolvency resolution process in respect of M/s Granite Gate Properties Private Limited (a fellow company of 3C developers) which is develo…
Read the full article at: http://www.livelaw.in/homebuyer-moves-nclt-seeking-insolvency-process-against-builder-notice-issued/