Nclt: The Piramal Group is likely to challenge the order by moving the National Company Law Appellate Tribunal (NCLAT) against this dismissal, said persons with direct knowledge of the development.
The financial creditor had filed the insolvency petition against the developer as guarantor for default in mortgage loans totalling over ₹5,855 crore. The Mumbai bench of the bankruptcy court has dismissed the petition citing technical limitations related to the timing of the application.