[Reverse CIRP] NCLAT Closes CIRP Against Grand Reality Under Its Inherent Powers Upon Handover Of Flats To Homebuyers & Satisfaction Of Claims

The NCLAT (National Company Law Appellate Tribunal) has closed the CIRP (Corporate Insolvency Resolution Process) against Grand Reality using its inherent powers, upon "handover of flats to homebuyers and satisfaction of claims," signifying a "Reverse CIRP." This landmark decision applies the concept of "Reverse CIRP" where the focus shifts from traditional liquidation or resolution plans to ensuring the completion of real estate projects and delivery of possession to homebuyers. By confirming that the homebuyers' claims are satisfied, the NCLAT effectively deemed the purpose of CIRP fulfilled, allowing for its closure even outside the conventional resolution mechanisms.