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ARTICLE · 25 MARCH 2020

Orders Under Insolvency And Bankruptcy Code W.R.T. Corporate Persons

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The Hon'ble National Company Law Appellate Tribunal in Flat Buyers Association Winter Hills-77, Gurgaon vs Umang Realtech Private Limited through IRP & Ors [CA(AT)(Insolvency) No. 926 of 2019] introduced the concept of ...

IndiaInsolvency/Bankruptcy/Re-Structuring
Manoj Singh
Manoj Singh
Daizy Chawla
Daizy Chawla
Kumar Deep
Kumar Deep
Jatin Kapoor
Jatin Kapoor
Neha Mittal
Neha Mittal
Sandesh Kumar
Sandesh Kumar
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1. Concept of Reverse Corporate Insolvency Process.

The Hon'ble National Company Law Appellate Tribunal (NCLAT) in Flat Buyers Association Winter Hills-77, Gurgaon vs Umang Realtech Private Limited through IRP & Ors [CA(AT)(Insolvency) No. 926 of 2019] introduced the concept of Reverse Corporate Insolvency Resolution Process which means that during the Corporate Insolvency Resolution Process, the resolution (end result) is reached without approval of the third-party resolution plan.

This was done with the intention that the interest of all the stakeholders including allottees, financial institutions, etc are protected and the Real Estate Company keeps functioning as going concern with the help of promoter working along with the Resolution Professional. The Hon'ble NCLAT also issued various directions w.r.t CIRP against a real estate infrastructure and same are enumerated as follows:

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