Project insolvency only; Reverse Insolvency to help Developers and Allottees: NCLAT

NCLAT has held that the CIRP for a real-estate company should be on project basis.
Project insolvency only; Reverse Insolvency to help Developers and Allottees: NCLAT

Stating that it is difficult to follow the "normal course" in cases of real-estate companies, the National Company Law Appellate Tribunal has stated that a ‘Reverse Corporate Insolvency Resolution Process’ can be followed in such cases in the interest of the allottees and survival of the company.

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