NCLT directs CFM Asset Reconstruction to serve notice on Saamag Developers for a Rs 504.8 crore insolvency petition.
Corporate Debtor must file a reply within 7 days of notice receipt or the case will proceed ex-parte.
The petition is filed under Section 7 of the IBC, 2016, citing a default on an assigned term loan.
The matter is listed for further hearing on July 7, 2026, following Supreme Court precedents on natural justice.