NCLT Initiates Insolvency Proceedings Against MGF Developments Limited
[email protected]10 Dec, 2021News
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against real estate firm MGF Developments, on a petition filed by a group of homebuyers. The NCLT has also appointed an interim resolution professional for the company based in the National Capital Region. ?The company is yet to receive a copy of the order. We are still in the process of understanding the impact and exploring all available legal options. The project was delivered more than five years ago,? a company spokesperson said.
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