Corporate insolvency resolution process challenge: notice issued, status quo continued, and restrictions imposed on third-party rights in unsold flats.

The challenge to the maintainability stand in the corporate insolvency resolution process was taken up with interim protection for flat buyers and the resolution process. Notice was issued, counter affidavits were directed, and status quo was ordered to continue without affecting the rights of existing occupants. The successful resolution applicant was permitted to continue construction, but it was restrained from creating third-party rights in unsold flats or apartments until further directions.

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Issues: Whether notice should issue in the challenge concerning the enforcement stand on maintainability and its impact on the corporate insolvency resolution process, and whether interim protective directions were warranted for flat buyers and the resolution process.

Outcome: Notice issued and returnable on 11.08.2025. Counter affidavits were directed. Status quo was directed to continue without affecting the rights of existing occupants. The successful resolution applicant was permitted to proceed with construction but not to create third-party rights in respect of unsold flats or apartments.

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