In a significant development, the National Company Law Appellate Tribunal has concluded insolvency proceedings against Pune's Marvel Realtors and Developers Ltd, citing a settlement with IDFC FIRST Bank Ltd, the financial creditor.
"The financial creditor having settled the matter with the corporate debtor and settlement letter dated 08th May, 2023 having been brought on record, we find it a fit case to exercise jurisdiction under Rule 11 of NCLAT Rules, 2016 to close the CIRP(Corporate Insolvency Resolution Process)," said the tribunal.
The closure of the insolvency proceedings comes after Catalyst Trusteeship Ltd, which had raised objections due to a substantial financial claim against Marvel Realtors, had its plea rejected by the tribunal. Initially, in December, the Mumbai bench of the National Company Law Tribunal had admitted a petition filed by IDFC FIRST Bank, seeking to initiate insolvency proceedings against Marvel Realtors. The bank had taken this step after the Pune-based real estate company failed to fulfil a debt payment amounting to 445 million rupees.
