The National Company Law Appellate Tribunal (NCLAT) has decided to close corporate insolvency resolution process (CIRP) against Delhi-based developer Umang Realtech, if the company manages to complete the work by August 2020.
Insolvency process was started after a buyer of Winter Hills-77 Gurgaon, a project of Umang Realtech, where Uppal housing is one of the promoters, had approached NCLT. However, the flat buyers moved the NCLAT against the order and Uppal agreed to complete the flats.
“This is probably the first case where concept of “Reverse CIRP” is being experimented. After the flat buyers appealed, we also approached the NCLAT saying if the buyers are interested, we are ready to complete the project,” said Manoj K Singh, founding partner, Singh & Associates, representing Uppal.
Source: Economic Times