NCLAT Halts Insolvency Proceedings Against Raheja

The national company law appellate tribunal (NCLAT) has halted insolvency proceedings of Gurgaon-based Raheja developers after the realtor approached the court claiming it had been fraudulently dragged into bankruptcy by two home buyers, The Economic Times reported. Raheja was admitted for insolvency proceedings in August 2019 by the National Company Law Tribunal (NCLT) which held the company in default of its obligations to two home buyers who at the time had approached the tribunal claiming delay in delivery of flats. The case involved the Raheja group’s Sampada project in Gurgaon. Raheja had moved NCLAT against the NCLT order. “The appellant is released from all the rigours of ‘moratorium’ and is allowed to function through its board of directors from immediate effect,” the order of the NCLAT bench said. Read more