ET: NCLT orders Emaar MGF Land to file its reply by August 30

23 August 2019: The National Company Law Tribunal (NCLT) Delhi on Tuesday had issued a notice to Emaar MGF Land ordering it to file its reply by August 30 in cases filed by some home buyers.

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, had moved National Company Law Appellate Tribunal (NCLAT) against the order informing them that they have settled the case with the home buyer which filed the insolvency case.

Other home buyers who had filed similar cases, however, pleaded that the company should settle the case with all the buyers and not just one. They moved Supreme Court (SC) against the company.

In March 2019, NCLAT allowed home buyers to file interlocutory applications through their representatives while adjourned the matter saying that let the Supreme Court first decide the issue.

The SC on March 29, 2019, had set aside the CIRP initiated against the Emaar MGF Land.

However considering the SC’s recent order where it upheld the constitutional validity of Section 5(8) (f) of the Insolvency & Bankruptcy Code, NCLT issued notice on August 20, 2019 to the company in relation to the cases filed by other home buyers.

The Economic Times reported

Categories: General News, India Bankruptcy

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