{"id":7584,"date":"2025-09-11T07:29:27","date_gmt":"2025-09-11T07:29:27","guid":{"rendered":"https:\/\/housiey.com\/blogs\/?p=7584"},"modified":"2025-09-15T12:46:16","modified_gmt":"2025-09-15T12:46:16","slug":"nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure","status":"publish","type":"post","link":"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure","title":{"rendered":"NCLAT Upholds NCLT Ruling, Dismisses Insolvency Plea Against Logix Infrastructure"},"content":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) has upheld a February 2025 order of the National Company Law Tribunal (NCLT), which dismissed the initiation of insolvency proceedings against Noida-based Logix Infrastructure, the developer behind the long-delayed Blossom County project in Sector 137, Noida.<\/p>\n<blockquote><p><em><strong>A<\/strong><strong><em>ls<\/em>o read:-<a href=\"https:\/\/housiey.com\/blogs\/blogs\/ghaziabad-municipal-corporation-property-tax-online-payment-discounts-online-process\" target=\"_blank\" rel=\"noopener\">Ghaziabad Municipal Corporation Property Tax: Online Payment, Discounts &amp; Online Process<\/a><\/strong><\/em><\/p><\/blockquote>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#Why_was_the_insolvency_plea_dismissed\" >Why was the insolvency plea dismissed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#Key_findings_of_the_tribunal\" >Key findings of the tribunal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#Financial_implications\" >Financial implications<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#The_Blossom_County_case\" >The Blossom County case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#How_the_dispute_started\" >How the dispute started<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\/#Reaction_from_stakeholders\" >Reaction from stakeholders<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_was_the_insolvency_plea_dismissed\"><\/span><strong>Why was the insolvency plea dismissed?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The appellate tribunal ruled that the insolvency petition filed under the Insolvency and Bankruptcy Code (IBC) was a fraudulent misuse of law, designed not to recover dues but to shield the developer from financial liabilities.<\/p>\n<p>NCLAT observed that Experts Realty Professionals\u2014the financial creditor that filed the petition\u2014was a <em>related party<\/em> of Logix Infrastructure. The tribunal noted collusion, calling the plea \u201ca guise\u201d to protect Logix from dues owed to homebuyers and the Noida Authority.<\/p>\n<p>In its order, the bench comprising Justice N Seshasayee and Arun Baroka stated:<\/p>\n<p>\u201cThe petition under the IBC was fraudulent and aimed at protecting Logix from its obligations. We find that there are clear fraudulent activities and collusion in the business transactions.\u201d<\/p>\n<blockquote><p><em><strong>Also read:-<a href=\"https:\/\/housiey.com\/blogs\/blogs\/municipal-tax-on-commercial-property-pay-online-rules\">Municipal Tax on Commercial Property: Pay Online | Rules<\/a><\/strong><\/em><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Key_findings_of_the_tribunal\"><\/span><strong>Key findings of the tribunal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Fraudulent loan agreement:<\/strong> The tribunal concluded that the alleged financial deal lacked safeguards, registration, and collateral, suggesting it was not a genuine loan.<\/li>\n<li><strong>Overlapping directorships:<\/strong> Hemant Sharma, earlier associated with Experts Realty, joined Logix Infrastructure soon after resigning, highlighting a conflict of interest.<\/li>\n<li><strong>Balance sheet discrepancies:<\/strong> Experts Realty had listed its \u20b915 crore investment as \u201ccurrent investments,\u201d not as a loan, further weakening its claim.<\/li>\n<li><strong>Voting rights in question:<\/strong> By projecting itself as a financial creditor, Experts Realty sought 21% voting rights in the Committee of Creditors (CoC), which it could not claim as a homebuyer.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial_implications\"><\/span><strong>Financial implications<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With the appellate tribunal affirming NCLT\u2019s findings, Experts Realty must now:<\/p>\n<ul>\n<li>Pay the \u20b955 lakh penalty earlier imposed by NCLT to the Prime Minister\u2019s National Relief Fund (PMNRF).<\/li>\n<li>Bear the entire cost of the Corporate Insolvency Resolution Process (CIRP).<\/li>\n<\/ul>\n<blockquote><p><em><strong>Also read:-<a href=\"https:\/\/housiey.com\/blogs\/blogs\/how-to-change-the-name-in-property-tax-record-housiey\">How to Change the Name in Property Tax Record? | Housiey<\/a><\/strong><\/em><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"The_Blossom_County_case\"><\/span><strong>The Blossom County case<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blossom County, launched in 2010 as a 17-tower residential project with 2,384 units, remains one of Noida\u2019s most delayed projects. Of the planned towers, only 10 have received occupancy certificates. The project, originally scheduled for completion in 2013, has left hundreds of homebuyers stranded for over a decade.<\/p>\n<p>Meanwhile, dues of over \u20b9500 crore remain pending with the Noida Authority, even as homebuyers allege Logix sold all flats, collected funds, and diverted money elsewhere.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_the_dispute_started\"><\/span><strong>How the dispute started<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>In October 2020, Experts Realty invested \u20b915 crore in Logix, in exchange for 1.4 lakh sq. ft. of space with a buy-back option.<\/li>\n<li>In December 2021, Logix acknowledged a liability of \u20b913 crore, promising repayment within a month with 18% monthly interest on default.<\/li>\n<li>However, the agreement was never properly registered or stamped.<\/li>\n<\/ul>\n<p>Despite these gaps, Experts Realty filed for insolvency in April 2023. The plea was initially admitted by NCLT in July 2023 but struck down in February 2025, with NCLAT now reaffirming that dismissal.<\/p>\n<blockquote><p><em><strong>Also read:-<a href=\"https:\/\/housiey.com\/blogs\/blogs\/mcgm-property-tax-download-payment-online-tax-bill\" target=\"_blank\" rel=\"noopener\">MCGM Property Tax: Download | Payment Online | Tax Bill<\/a><\/strong><\/em><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Reaction_from_stakeholders\"><\/span><strong>Reaction from stakeholders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Experts Realty\u2019s counsel, Advocate Ketan Madan<\/strong>, termed the decision \u201cpervasive and completely misconceived,\u201d adding that they intend to challenge it in the Supreme Court.<\/li>\n<li><strong>Homebuyers<\/strong>, on the other hand, welcomed the ruling, having long alleged collusion between Logix and Experts Realty.<\/li>\n<li><strong>Logix Infrastructure\u2019s promoter, Shakti Nath<\/strong>, distanced himself from the company, stating, <em>\u201cWe are no more associated with Logix Group. Mrityunjay Jha is the director.\u201d<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) has upheld a February 2025 order of the National Company Law Tribunal&hellip;<\/p>\n","protected":false},"author":5,"featured_media":7591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[3167,3166,3165,3163,3164],"class_list":["post-7584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-corporate-law-news","tag-insolvency-plea","tag-logix-infrastructure","tag-nclat-ruling","tag-nclt-decision"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT Upholds NCLT Ruling, Dismisses Insolvency Plea Against Logix Infrastructure<\/title>\n<meta name=\"description\" content=\"NCLAT upholds NCLT order dismissing insolvency plea against Logix Infrastructure, calling it fraudulent collusion in the decade-old Blossom County case.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT Upholds NCLT Ruling, Dismisses Insolvency Plea Against Logix Infrastructure\" \/>\n<meta property=\"og:description\" content=\"NCLAT upholds NCLT order dismissing insolvency plea against Logix Infrastructure, calling it fraudulent collusion in the decade-old Blossom County case.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housiey.com\/blogs\/nclat-upholds-nclt-ruling-dismisses-insolvency-plea-against-logix-infrastructure\" \/>\n<meta property=\"og:site_name\" content=\"Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/share\/16e5bbCuix\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-11T07:29:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-15T12:46:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/housiey.com\/blogs\/wp-content\/uploads\/2025\/09\/NCLAT-Upholds-NCLT-Ruling-Dismisses-Insolvency-Plea-Against-Logix-Infrastructure.png\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"L. 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