NEW DELHI: The National Company Law Tribunal has given its approval to start insolvency proceedings against a subsidiary of realty firm Parsvnath Developers. It admitted a petition filed by three homebuyers against the subsidiary firm Parsvnath Landmark Developers for inordinate delay in the development of a project in Delhi and non-refund of their payment.
The tribunal appointed Yash Jeet Basrar as an interim resolution professional to run the corporate insolvency resolution process. A two-member bench of NCLT directed that in case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the interim resolution professional/resolution professional would be at liberty to…
Read the full article at: https://timesofindia.indiatimes.com/city/delhi/nclt-admits-insolvency-plea-against-parsvnath-arm/articleshow/67517533.cms