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.