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NCLT Delhi Admits Unibera Developers Into Insolvency

Team SoOLEGAL 16 Jan 2023 5:07pm

NCLT Delhi Admits Unibera Developers Into Insolvency

The National Company Law Tribunal ("NCLT"), New Delhi Bench, consisting of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L. N. Gupta (Technical Member), has initiated the Corporate Insolvency Resolution Process against Unibera Developers Pvt. Ltd. while adjudicating an application filed in Mahi Buildhome Pvt. Ltd. v. M/s. Unibera Developers Pvt. Ltd. Mr. Ashok Kumar Jalan has been appointed as the Interim Resolution Professional (IRP).

The Bench noted that the Corporate Debtor had admitted it’s liability and requested time from the Tribunal to pay the debts. The Bench held that even after the petition was admitted, the Corporate Debtor could escape under Section 12A of the IBC by settling the debts. "In light of the circumstances and the Respondent's admission of liability before this Tribunal, the petition is granted in accordance with Section 9(5) of the IBC."The Bench allowed the petition under Section 9 of the IBC and started CIRP proceedings against the Corporate Debtor. 



Tagged: The National Company Law Tribunal  
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