Indian tribunal revoked Logix Infra's insolvency order, citing fraud, and penalized the creditor.
The National Company Law Tribunal (NCLT) in India recalled its insolvency order against real estate firm Logix Infra, citing fraudulent intentions behind the petition filed by financial creditor Experts Realty Professionals. The NCLT ordered a probe by the Serious Fraud Investigation Office and directed Experts Realty to pay all costs and fees and deposit a Rs 5 lakh penalty into the Prime Minister's National Relief Fund within ten days. The tribunal also restored management to Logix Infra's ex-management or suspended board.
2 months ago
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