Insolvency proceedings inititated by NCLT

Dated on: Tuesday 27th August 2019

Provoking Section 7 of the Insolvency and Bankruptcy Code 2016 NCLT has initiated a corporate insolvency resolution process against Raheja Developers. The builder was not able to supply the basic amenities like the supply of water. Hence, NCLT admitted buyer’s petition and ordered the builder to supply these amenities. To initiate the proceedings the buyer has been ordered to deposit Rs.1 lakh to the IRP to meet the expenses to perform the function within 3 days of the order.

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