India, Sept. 14 -- Appellate tribunal NCLAT has upheld the decision of the National Company Law Tribunal (NCLT) to recall a previous ruling for an insolvency case against real estate firm Logix Infrastructure after finding the debt claim as"fraudulent" and"malicious". A two-member NCLAT bench said the plea for CIRP (Corporate Insolvency Resolution Process) against Logix Infrastructure, which was developing the Blossom County project in Noida Sector 137, are based on collusion and are malicious with sufficient material.
"In the facts and circumstances of the case, we do not find any infirmity in the orders of the adjudicating authority (NCLT) allowing the Section 65 application filed by the Respondents. For the reasons noted herein, we find...