Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
NCLAT dismissed an appeal u/s approval of Resolution Plan by dissenting Financial Creditors objecting to Homebuyers receiving flats without price escalation. Held that Homebuyers, with fixed consideration, can receive units as agreed. No violation of Section 30(2) found, as Homebuyers were treated differently but not discriminated against. Dissenting Financial Creditors entitled to payment u/s 30(2)(b)(ii). They cannot claim payment based on security interest. Appeal dismissed.
NCLAT dismissed an appeal u/s approval of Resolution Plan by dissenting Financial Creditors objecting to Homebuyers receiving flats without price escalation. Held that Homebuyers, with fixed consideration, can receive units as agreed. No violation of Section 30(2) found, as Homebuyers were treated differently but not discriminated against. Dissenting Financial Creditors entitled to payment u/s 30(2)(b)(ii). They cannot claim payment based on security interest. Appeal dismissed.
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