Wave Group, a company that developed a megacity in Noida, India, filed a petition with the National Company Law Appellate Tribunal (NCLAT) in March of 2011 asking for corporate insolvency resolution process (CIRP) against itself. The company argued that it was unable to construct the megacity as planned, and that this was due to financial difficulties. The NCLAT rejected the petition in June of 2022, stating that the plea was an attempt to play fraud on thousands of homebuyers. However, in March of 2019, the NCLAT upheld the order and rejected Wave Group's appeal for initiation of CIRP. The NCLT also upheld the Rs 1 crore penalty imposed by the NCLT in March of 2021.
