NCLT recalls insolvency order against Logix Infrastructure
NEW DELHI: In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with "fraudulent and mala fide intentions" and a collusive petition was filed by the financial creditor.
NCLT said "there is a nexus and connection" between its financial creditor Experts Realty Professionals whose plea for insolvency was initiated against Logix Infrastructure. The corporate tribunal said the entire transaction was "orchestrated" and forum was used "with purported malicious intent".
The insolvency petition filed "with an ulterior motive" against Logix Infrastructure and its financial creditor has used this forum for purposes than the insolvency resolution of the realty firm with purported malicious intent, contrary to the objectives of the IBC, the tribunal said.
Read more at:
https://realty.economictimes.indiatimes.com/news/regulatory/nclt-recalls-insolvency-order-against-logix-infrastructure/118094343?action=profile_completion&utm_source=Mailer&utm_medium=newsletter&utm_campaign=etrealty_news_2025-02-10&dt=2025-02-10&em=aW5kaXZhbHVldGVjaG5pY2FsQGdtYWlsLmNvbQ==
Credit By: https://realty.economictimes.indiatimes.com/?utm_source=header_logo&utm_medium=newsDetail