Report
NCLT admits Kotak Mahindra Bank’s insolvency plea against Unity Realty and Developers
The Economic Times reports a claimed ₹68.49 crore default involving Unity Realty, which guaranteed financing for Unity Infraprojects.
TLDR
The Economic Times reports that the National Company Law Tribunal’s Mumbai bench admitted Kotak Mahindra Bank’s insolvency petition against Unity Realty and Developers in an order pronounced September 22. The bank claimed a ₹68.49 crore default. The tribunal rejected Unity Realty’s argument that the petition was filed too late, citing an earlier debt-recovery judgment and certificate.
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