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Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT

The National Company Law Appellate Tribunal (NCLAT) allowed an appeal filed by Sushil Ansal, former Director and shareholder of Ansal Properties and Infrastructure Limited (Ansals) setting aside the National Company Law Tribunal (NCLT), Delhi bench March 17 order for the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). NCLT had allowed the appointment of an interim resolution professional and the company was placed under moratorium replacing the board of Ansals. Justices Bansi Lal Bhat, Acting Chairperson, Anant Bijay Singh, Member (Judicial), Dr. Ashok Kumar Mishra, Member (Technical) relying on the judgment of G. Eswara Rao vs. Stressed Assets Stabilisation Fund and Ors.- MANU/NL/0092/2020 observed that a home buyer cannot file an application under IBC for the execution of a decree.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.