NCLT orders insolvency proceedings against MGF Developments

[email protected]07 Dec, 2021News

The National Company Law Tribunal (NCLT) on Tuesday directed to initiate insolvency proceedings against MGF Developments and appointed an interim resolution professional after suspending the board of the realty firm. A two-member Delhi based bench of NCLT passed the order by allowing a plea filed by the residents association of 'The Vilas Condominium', a project at sector 25 of Gurgaon, for breach clauses of the agreement between them, terming it as default.