The National Company Law Tribunal (NCLT) has affirmed that liquidation proceedings under the Companies Act do not prohibit the filing of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench, comprising Judicial Member VG Bisht and Technical Member Prabhat Kumar, addressed a petition by an operational creditor seeking recovery of Rs. 2,36,21,491. The operational creditor
The National Company Law Tribunal (NCLT) has dismissed a petition filed by around 368 homebuyers who had purchased properties from Lavasa Corporation. The petition had alleged misconduct in the corporate insolvency resolution process (CIRP) of the company and mistreatment of the homebuyers as a class of creditors. The homebuyers, in their petition, had sought the tribunal’s intervention to declare the
