NCLT Sets Aside Insolvency Order Against Logix Infra

11 Feb 2025 CW Team

In a rare move, the National Company Law Tribunal (NCLT) has recalled and set aside its own order that initiated insolvency proceedings against Logix Infrastructure in July 2023. The tribunal found that the plea was filed with fraudulent and mala fide intentions, accusing financial creditor Experts Realty Professionals of orchestrating a collusive petition.

NCLT stated that the insolvency petition was filed with an ulterior motive, using the forum for purposes other than legitimate insolvency resolution. It observed a nexus between the financial creditor and Logix Infrastructure, indicating a malicious intent that went against the objectives of the Insolvency and Bankruptcy Code (IBC).

The tribunal has ordered a thorough investigation by the Serious Fraud Investigation Office (SFIO) to examine the alleged fraudulent and collusive actions. Additionally, the Resolution Professional has been directed to hand over the management of Logix Infrastructure back to its ex-management and suspended board of directors.

If any resolution plan has been submitted by a successful bidder, the tribunal directed the refund of the earnest money deposit and performance bank guarantee within a week. Furthermore, the financial creditor has been ordered to bear all costs, fees, and expenses of the Resolution Professional within the same timeframe.

NCLT also imposed a penalty of Rs 500,000 on the financial creditor, directing it to deposit the amount in the Prime Minister’s National Relief Fund (PMNRF) within ten days.

The latest ruling came after allottees of Logix Blossom Country, a project by the realty firm, petitioned the tribunal to revoke the insolvency process, citing fraudulent intent aimed at defrauding creditors and flat allottees.

(millenniumpost)

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..