Insolvency Must Be Project-Specific: NCLAT Delhi Sets Aside NCLT Order in Real Estate CIRP

Amit Jain Vs IDBI Trusteeship Services Limited & Anr (NCLAT Delhi) NCLT Delhi held that insolvency of real-estate project is to be held project-specific. Accordingly, order set aside and matter revived before Adjudicating Authority to consider section 7 petition afresh. Facts- The present appeals have been filed against the order dated 05.08.2025 passed by National Company Law Tribunal. By the impugned order, the Adjudicating Authority has admitted Section 7 petition filed by IDBI Trusteeship Services Ltd. against the Corporate Debtor (“CD”) – Mahagun (India) Pvt. Ltd. Aggrieved...