https://www.taxtmi.com/caselaws?id=292761 The National Company Law Tribunal (NCLT) admitted the application for the initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditors against 'M/s Umang Realtech Pvt. Ltd.' under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Supreme Court emphasized differential treatment of different classes of creditors, upheld allottees as Financial Creditors, and introduced a Reverse Corporate Insolvency Resolution Process for project completion. Specific directions were given for the completion of the project, with a focus on balancing the interests of all stakeholders and prioritizing project completion for allottees. en-us Tue, 04 Feb 2020 00:00:00 +0530 Tue, 16 Mar 2021 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292761 The National Company Law Tribunal (NCLT) admitted the application for the initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditors against 'M/s Umang Realtech Pvt. Ltd.' under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Supreme Court emphasized differential treatment of different classes of creditors, upheld allottees as Financial Creditors, and introduced a Reverse Corporate Insolvency Resolution Process for project completion. Specific directions were given for the completion of the project, with a focus on balancing the interests of all stakeholders and prioritizing project completion for allottees. Case-Laws Insolvency and Bankruptcy Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292761