ET: NCLAT allows Emaar MGF Land home buyers to file intervention applications

8 March 2019: The National Company Law Appellate Tribunal (NCLAT) recently allowed home buyers to file interlocutory application through their representatives.

It however adjourned the matter saying that let the Supreme Court first decide the issue. The SC on February 26, 2019 had ordered all parties involved to maintain status quo in the case related to the insolvency of Emaar MGF Land.

On January 24, 2019, NCLT-Delhi initiated corporate insolvency resolution process (CIRP) against Emaar MGF Land. However, on February 1, 2019 Hadi Mohd Taher Badri, director of Emaar MGF Land, moved National Company Law Appellate Tribunal (NCLAT) informing them that they have settled the case with the home buyer which filed the insolvency case.

Badri further appealed that since the insolvency resolution professional has not yet formed the committee of creditors and has not issued any public announcement, it should also be disposed off.

Home buyers, however, pleaded that the company should settle the case with all the buyers and not just one.
NCLAT on hearing both the petitions allowed Emaar MGF Land one chance to settle the case with the buyers. It also ordered the IRP to not issue any public announcement or constitute the committee of creditors until further order and listed the matter on February 28.

During the hearing, home buyers through their counsel advocate Aditya Parolia and advocate Piyush Singh produced the SC’s order post which NCLAT adjourned the matter.

NCLAT will now hear the case on April 4, 2019.

The Economic Times reported

Categories: General News

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