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        Case ID :
        Insolvency and Bankruptcy

        CIRP - denial of rights to be heard to protect the Financial...

        Tribunal Upholds Dismissal of Insolvency Bid for Home Buyers Failing Joint Filing Requirement in Real Estate Case.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                CIRP - denial of rights to be heard to protect the Financial Interest of Hundreds of Home Buyers / Allottees - Applicability of Threshold - joint filing by either 100 allottees or 10% of the total number of allottees of the same real estate project, whichever is less - The Tribunal noted that the appellant and co-petitioners, representing various projects within the township, did not meet the specified threshold for initiating CIRP, as they did not collectively belong to the same real estate project or phase. - The NCLAT concluded that the appeal lacks merit based on the presented arguments and evidence. It was determined that the application for initiating CIRP was not maintainable in law, affirming the decision of the Adjudicating Authority.
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