NCLT Initiates Insolvency Proceedings Against MGF Developments Limited

[email protected]10 Dec, 2021News

The National Company Law Appellate Tribunal (NCLAT) has initiated insolvency proceedings against NCR-based real estate firm MGF Developments Limited, on a petition filed by a group of homebuyers. The NCLT has also appointed a Interim Resolution Professional. ?Since, the financial creditor satisfies all the requirement of section 7 of IBC, 2016. We are therefore, satisfied that the applicant/financial creditor has made out a case under Section 7 IBC for admission and a clear case of default has been established. Hence, the Corporate Insolvency Resolution Process of corporate debtor is initiated from the date of this order and the captioned application filed by financial creditor is admitted,? NCLT said in its order on Tuesday.