NCLT directs initiation of insolvency proceedings against Raheja Developers

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Raheja Developers following a petition by flat buyers in the Gurgaon-based Shilas project. The NCLT cited "debt due and default" by the company for its failure to deliver units on time despite receiving payments. An Interim Resolution Professional has been appointed as the case proceeds.