NCLT Admits CIRP as Developer Failed to Deliver Plots or Refund Allottees’ Money

Sandeep Turan Vs Primezone Developers Private Limited (NCLT Chandigarh) The National Company Law Tribunal (NCLT), Chandigarh Bench, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) filed jointly by 33 allottees seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Primezone Developers Private Limited for a default of ₹6,76,19,846 along with applicable interest, with the date of default stated as 30 June 2019. The petitioners submitted that they had booked plots in the “Prime City-Assandh” project after the Corporate ...