India, Sept. 10 -- The National Company Law Appellate Tribunal (NCLAT) has upheld a February 2025 order of the National Company Law Tribunal (NCLT), which cancelled the admission of insolvency proceedings against Logix Infrastructure, builder of the delayed Blossom County project in Noida Sector 137.

The appeal was filed by Experts Realty Professionals, the financial creditor that started the corporate insolvency resolution process (CIRP).

A bench of Justice N Seshasayee and Arun Baroka dismissed the appeal, saying: "The petition under the Insolvency and Bankruptcy Code (IBC) was fraudulent and aimed at protecting Logix from its dues to homebuyers and the Noida authority."

With this new order, the Rs.55 lakh penalty imposed earlier by ...