Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving...

Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving payments. NCLAT rejected Corporate Debtors' contentions regarding non-fulfillment of 100 allottees threshold, lack of debt and default, pending litigations over land title, and absence of privity of contract between land-owning company and allottees. NCLAT upheld NCLT's admission of insolvency proceedings against Corporate Debtors u/s 7 IBC, initiated by allottees as Financial Creditors. Appeal dismissed, directing Resolution Professional to take steps for project completion via insolvency resolution process. .....

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