India, Sept. 10 -- The National Company Law Appellate Tribunal (NCLAT) has upheld a February 2025 order by the National Company Law Tribunal (NCLT), which cancelled the initiation of insolvency proceedings against Noida-based Logix Infrastructure, developer of the delayed Blossom County project in Noida Sector 137.

The tribunal called the IBC petition a fraudulent misuse of the insolvency law and recalled the corporate insolvency proceedings against Logix Infrastructure. It observed that Experts Realty Professionals and Logix were "related parties," and the plea was merely "a guise" to shield the developer from financial liabilities.

The appeal was filed by Experts Realty Professionals, the financial creditor that started the corporate ...