Corporate Debtors failed to deliver housing units to allottees ...

Home buyers' wait ends as NCLAT admits insolvency against defaulting builders who failed to deliver homes despite payments.

December 27, 2024

Case Laws IBC AT

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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Corporate Debtors failed to deliver housing units to allottees ...

Home buyers' wait ends as NCLAT admits insolvency against defaulting builders who failed to deliver homes despite payments.

December 27, 2024

Case Laws IBC AT

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