Emaar MGF
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NCLT i.e. the National Company Law Tribunal in Delhi has directed to file one common complaint against the Emaar EGF land. The tribunal has directed to amalgamate all cases filed against the company as one and preset it before the resolution professional (RP) appointed by them.

The decision was given while hearing eight different cases filed against the developer.

MM Kumar, the judge said that it is, of course, the duty of resolution professional to seek the complainants’ claim while keeping the law in view. He also said that in case, any order of admission is set aside by the Supreme Court then the revival of the petition would be competent.

The National Company Law Tribunal initiated a corporate insolvency case against Emaar MGF Land and also appointed Manoj Kumar Anand as the Insolvency Resolution Professional (IRP) for the same.

A homebuyer who purchased a flat in Palm Greens, Kherki Daula, Gurgaon for worth Rs. 91 lakh has filed a case. The petitioner also said that the possession of flat was not offered to him even though he paid Rs. 88.49 lakh in July 2014 according to the builder-buyer agreement.

In the plea, the homebuyer also accused the developer of not paying him compensation.

In its order, the Court on 24th January stated that the developer Emaar MGF Land can’t transfer, encumber, alienate or dispose any of its assets. The group can also not foreclose, recover or enforce any security interest generated on their part.

The court also said that the Emaar group can’t recover any asset that is occupied by them or hold possession of the same.