NCLT issues notice to Gurugram-based MGF Developments

The National Company Law Tribunal (NCLT)-Delhi has issued notice to MGF Developments in a case filed by six home buyers for its residential project-Vilas situated in Gurugram. The buyers, through their counsel advocate Piyush Singh of PSP Legal, claimed that there are total of 35 vilas and though allotment was done in 2007 and possession was given in 2016 but till date builder has not obtained OC and has given illegal possession. They have asked for initiation of corporate insolvency resolution process against the builder for defaulting in making the payment of the debt to them. This is one of the first matters heard after the amendment in the Insolvency and Bankruptcy Code 2016 wherein home buyers need to file jointly as 10% or a group of 100 for a project.