NCLT admits insolvency plea against Parsvnath Landmark

The National Company Law Tribunal( NC LT) has given its approval to start insolvency proceedings against realty firm Parsv na th Developers’ subsidiary, which is developing a housing project in the national capital. The NC LT Delhi has admitted an insolvency petition filed by threehome buyers against ParsvnathL and mark Developers for inordinate delay in th ed eve lo pm ent of this project andn on-refund of their payment. The tribunalappointed Ya shJe et Bas ra ra san interim resolution professional( A two-member Bench of the NC LT has directed that all the personnel connected with the ParsvnathL and mark Developers, erstwhile directors, promote rs or any other person associated with the management must cooperate with the R Pin managing the affairs of the firm. The NC LT also directed that“in case there is any violation committed by the ex-management or any tainted/ illegal transaction by ex-directors or anyone else the interim R Port he RP would beat liberty to make appropriate application” before it for passing an appropriate order.