CIRP - Completion of Real estate project during the Proceedings ...
Insolvency and Bankruptcy
March 29, 2024
CIRP - Completion of Real estate project during the Proceedings - Appellant filed an application seeking permission for unsecured and secured financial creditors to vote on the Project Completion Proposal - The Appellant sought permission for financial creditors to vote on a Project Completion Proposal, which was granted by the Tribunal. After overwhelming support in the voting process, the Tribunal permitted the Appellant to implement the Proposal under the supervision of the IRP and in accordance with reverse CIRP principles. The appeal was disposed of, with liberty given to parties to approach the Court for any difficulties during project completion.
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