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NCLT admits insolvency plea against Precision Realty Developers

Dated on: Wednesday 25th October 2023

The National Company Law Tribunal (NCLT) has accepted a petition submitted by Phoenix Asset Reconstruction Company, initiating the Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers, a real estate company. This action was taken by a financial creditor due to a default of nearly Rs 119 crore by the property developer.

 

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