NCLAT: Raheja Shilas insolvency process in Gurugram to continue

• NCLAT rejects Raheja Developers' plea to close insolvency process for Raheja Shilas project in Gurugram.
• Tribunal observes that issues with flat buyers remain unresolved, preventing closure of the Corporate Insolvency Resolution Process (CIRP).
• Application for CIRP withdrawal (Section 12A IBC) can only be filed after all issues between flat buyers and the realty firm are settled.
• NCLAT modified NCLT's order, confining CIRP specifically to the Raheja Shilas project, not the entire company.
• Resolution Professional directed to proceed with CIRP for Raheja Shilas; other projects can be prosecuted independently.