Parsvnath: NCLT closes insolvency proceedings

The National Company Law Tribunal has closed the insolvency resolution process against a Parsvnath Developers' subsidiary after homebuyers 'amicably settled' their dispute with the realty firm. Parsvnath Developers' arm Parsvnath Landmark is constructing a housing project, comprising 500 units, at Civil Lines in the national capital. In its order dated January 11, the NCLT had allowed insolvency proceedings against Parsvnath Landmark after three buyers approached the tribunal complaining about delays.