Delhi-based Praveer Constructions to be liquidated

The National Company Law Tribunal (NCLT) on Friday allowed liquidation of Delhi-based Praveer Constructions under section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The court has appointed Alok Kaushik, who was previously the insolvency resolution professional (IRP), as the official liquidator in the liquidation process. In October 2018, one of the financial creditors had filed an application under Section 7 of IBC for initiation of the corporate insolvency resolution process (CIRP) against Praveer Constructions.