SC orders status quo in Emaar MGF Land’s insolvency case
The Supreme Court on Tuesday ordered all parties involved to maintain status quo in the case related to the insolvency of Emaar MGF Land. The order comes after home buyers through their counsel advocate Aditya Parolia and advocate Piyush Singh filed an appeal before the apex court.
On January 24, 2019, NCLT-Delhi initiated corporate insolvency resolution process (CIRP) against Emaar MGF Land. However, on February 1, 2019 Hadi Mohd Taher Badri, director of Emaar MGF Land, moved National Company Law Appellate Tribunal (NCLAT) informing them that they have settled the case with the home buyer which filed the insolvency case. Badri further appealed that since the insolvency resolution professional has not yet formed the committee of creditors and has not issued any public announcement, it should also be disposed off.