NCLT admits insolvency plea against Emaar MGF Land, appoints resolution professional
The National Company Law Tribunal (NCLT) has asked to initiate insolvency proceedings against real estate firm Emaar MGF Land after two home buyers filed petition against the company for a huge delay in delivery of their housing units.
Admitting the pleas of two of its home buyers, a two member bench headed by NCLT President Justice M M Kumar has appointed one Manoj Kumar Anand as the interim resolution professional of the company and directed him to make a public announcement about the development.
The tribunal has also directed the company, its erstwhile director, promoters or any other person associated with the Emaar MGF Land to extend every assistance and cooperation to the interim resolution professional".
The NCLT order came on the plea of two home buyers Neeraj Gupta and Arti Jain -- who had purchased flats at its Palm Greens, KherkiDaula, Gurgaon project.
The real estate firm failed to deliver the project within 36 months to June 2015.
Later, the builder also failed to ...