NCLT New Delhi Initiates Insolvency Proceedings Against Revital Reality Private Limited For Financial Debt And Default

The NCLT, New Delhi bench, led by Mahendra Khandelwal and Dr Sanjeev Ranjan, initiated insolvency proceedings against Revital Reality Private Limited due to defaulting on payments totaling Rs. 31,22,62,345/-. Financial Creditors, initially 147 unit-holders, sought CIRP under Section 7 of the IBC, citing failure to deliver possession of residential units within the stipulated time frame. \r

Despite Corporate Debtor's arguments citing force majeure events, the NCLT found the delay in obtaining an Occupancy Certificate unjustifiable and confirmed the default. Admitting the petition, Gaurav Katiyar was appointed as Interim Resolution Professional, and a moratorium was declared under Section 14 of the IBC. \r

The NCLT noted the minimum threshold of 100 allottees was met, substantiating the debt owed by the Corporate Debtor.