Insolvency resolution to be undertaken on project specific basis

Gagan Tandon & Ors. Vs IL & FS Financial Services Ltd. & Ors. (NCLAT Delhi) NCLAT Delhi held that Corporate Insolvency Resolution Proceeding [CIRP] should be restricted to specific project. Accordingly, held that project wise resolution of the Corporate Debtor needs to be proceeded with as required by law. Facts- The present appeals have been filed against the order dated 25.02.2025 passed by NCLT, New Delhi, Court-IV admitting Section 7 application filed by M/s IL&FS Financial Services Ltd., the Financial Creditor (Respondent No.1 herein). Company Appeal (AT) (Ins.) No.502 of...