GnS Legal represents Successful Resolution Application in Resolution Plan approved by NCLT Delhi
We are happy to announce that our team comprising of Prithu Garg, Harsimran Duggal and Aditya Awasthi have represented the Successful Resolution Applicant, a Purvanchal Constructions Group Company, before the NCLT, Principal Bench, New Delhi in taking over the Lotus Arena Project in Noida through the IBC mechanism. Arguments on behalf of the SRA were led by Mr. Sunil Fernandes.
The NCLT has approved Purvanchal’s Resolution Plan and rejected the objections filed by creditors and stakeholders. The Judgment discusses relevant legal issues arising in IBC proceedings, especially qua the rights and entitlement of the creditors/stakeholders in an insolvency proceeding. It can be accessed on IBC Laws at the following link: