NCLT Orders SVSJ Developers Vacate Samar Estates Project

NCLT Chandigarh directs SVSJ Developers to hand over possession of 5.35 lakh sq ft real estate project to Samar Estates' resolution professional.
Tribunal declares Term Sheet dated 02.03.2023 void ab initio for lack of consideration and failure to meet contingencies.
Court finds Resolution Professional statutorily entitled to take control of Corporate Debtor's assets under Section 18(1)(f) of IBC.
Respondent No.1 ordered to publish corrective public notice declaring their earlier notice dated 16.03.2024 ineffective.