Application u/s. 7 of IBC for default in not completing project on time accepted: NCLAT Delhi

Dinesh Kumar Vs Narendra Kumar Sharma & Ors. (NCLAT Delhi) NCLAT Delhi held that admitting application under section 7 of Insolvency and Bankruptcy Code, 2016 for initiation of CIRP for default in not completing project and handing over units within time justified. Facts- The present appeals has been filed by the Suspended Directors of three Corporate Debtors (“CDs”) challenging the same order dated 19.07.2024 passed by National Company Law Tribunal, Court VI, New Delhi in admitting Application u/s. 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Financial Creditors in a cla...