NCLAT limits insolvency proceedings against Raheja to one project only

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NCLAT limits insolvency proceedings against Raheja to one project only - Business Standard

Quick Summary:

"We are of the view that, for the time being, as was prayed by the Applicant/Respondent herein, the insolvency may convene to one Project, namely 'Raheja Shilas (Low Rise)," said NCLAT in its interim order passed on Thursday.

A three-member bench of the National Company Law Appellate Tribunal (NCLAT) led by Chairperson Justice Ashok Bhushan, directed the Interim Resolution Professional (IRP) to collate the claims related to the project and submit the status report.

In a relief to Raheja Developers, the appellate tribunal NCLAT has confined the insolvency proceedings against the realty firm to only one of its projects 'Raheja Shilas'.