Maintainability of Section 7 Application - Initiation of CIRP - ...

Tribunal Upholds Insolvency Process Start Despite 100 Allottee Threshold; Rejects Delay Tactics by Appellant.

February 14, 2024

Case Laws     Insolvency and Bankruptcy     AT

Maintainability of Section 7 Application - Initiation of CIRP - threshold limit of 100 allottees - NCLT admitted the application - The Tribunal found no error in the Authority's decision to reject the IAs and observed that the Appellant's actions were motivated by malafide intent to delay the proceedings. As a result, the Section 7 Application filed by the homebuyers/allottees is upheld, and the Appellant's attempt to challenge its maintainability is unsuccessful.

View Source