Legal30 May 2026, 01:02 pm
Parsvnath: NCLAT Upholds NCLT Order for CIRP Initiation
AI Summary
The National Company Law Appellate Tribunal (NCLAT) upheld the National Company Law Tribunal's (NCLT) order dated April 30, 2026, which admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Parsvnath Developers Ltd. This initiates the Corporate Insolvency Resolution Process (CIRP) against the company. The original petition was filed due to defaults under loan agreements, with the NCLAT order affirming the commencement of CIRP.
Key Highlights
- NCLAT upholds NCLT order to initiate CIRP against Parsvnath Developers.
- The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016.
- The initial NCLT order was dated April 30, 2026, and was appealed by the company.
- The case originated from a petition regarding defaults under loan agreements.
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