After an ordinance brought home buyers under the hood of financial creditors, a financial creditor has moved the National Company Law Tribunal (NCLT) to have the corporate insolvency resolution proceeding initiated against a builder who failed to handover possession of a residential flat in an upcoming apartment complex but also failed to refund the money back to the financial creditor.
The NCLT bench comprising Member (Judicial), S K Mohapatra and Member (Technical), Ina Malhotra issued notice on August 31 ordering the corporate debtor to showcause as to why the Corporate Insolvency Resolution Process should not be initiated against him.
The counsel as well as the financial creditor Parveen Kumar Aggarwal, informed the Tribunal that…
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