Live Breaking News & Updates on Insolvency Amp Bankruptcy

Stay updated with breaking news from Insolvency amp bankruptcy. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.

insolvency: Insolvency & Bankruptcy Code cannot be used as a tool for recovery; says NCLT

The National Company Law Tribunal (NCLT) in India has dismissed a plea to initiate insolvency against Orris Infrastructure, stating that the Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery". The NCLT observed that the applicants had already received full payment from Orris Infrastructure in excess of the default amount. The applicants had signed an agreement with the realty firm, which included monthly assured returns. The construction was completed in 2013, and the occupation certificate was received in 2017, ending the period for paying assured returns in 2020. ....

New Delhi , Ramlingam Sudhakar , Gurgaon Haryana , Avinash Srivastava , Bankruptcy Code , Principal Bench , National Company Law Tribunal , Orris Infrastructure , Retail Unit , Floreal Tower , President Ramlingam Sudhakar , Space Buyers , Floreal Tower Project , Insolvency Code , Insolvency Amp Bankruptcy ,