A Gurgaon real estate developer faces insolvency proceedings. The National Company Law Tribunal admitted the case after a default of Rs 274 crore. IDBI Trusteeship Services filed the application on behalf of debenture holders. The developer argued the default claim was premature as the redemption date was extended. The court has appointed an interim resolution professional to manage the process.
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Bankruptcy court orders insolvency proceedings against Vatika
