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Insolvency and BankruptcyFebruary 14, 2024Case LawsAT
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.
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.
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