AZB & Partners Represented Roots Developers In The Revival Of A Stalled Residential Project In Gurugram

AZB & Partners represented Roots Developers in the revival of a stalled residential project in Gurugram

AZB & Partners represented Roots Developers in relation to the revival of a stalled residential real estate project in Gurugram. In a notable and uncommon outcome, the National Company Law Tribunal (NCLT) approved a resolution framework that enabled the project to be carved out from the assets of a corporate debtor outside the conventional Corporate Insolvency Resolution Process (CIRP). The project had remained stalled for over seven years following the insolvency of the developer.

AZB & Partners structured and implemented a resolution framework akin to a corporate insolvency resolution plan, which included negotiations with homebuyers and financial creditors, engagement with the resolution professional, and representation before the NCLT.

The matter was led by Anindita Roy Chowdhury (Partner) and Ankit Tandon (Partner), with support from Vatsala Rai (Associate) and Sushrut Garg (Associate).

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