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The NCLAT affirmed the adjudicating authority's order admitting...
Adjudicating authority's order admitting CIRP affirmed; consolidation of interconnected companies' CIRPs allowed; RP must invoke Section 7 for joint CIRP
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The NCLAT affirmed the adjudicating authority's order admitting CIRP and dismissed the appeals. The Tribunal held that insolvency proceedings for a land-owning subsidiary may be initiated notwithstanding a pending CIRP of the developer/holding company, and reiterated that consolidation of CIRPs of interconnected companies managed by the same management is permissible to maximize asset value and protect homebuyers' interests. Inclusion of the land-owning entity in the consolidated CIRP was a condition precedent to joint CIRP. The RP of the developer was deemed obliged to raise the issue before the CoC and seek initiation under Section 7 to achieve consolidated CIRP. No illegality was found in the impugned order, which is therefore affirmed.
The NCLAT affirmed the adjudicating authority's order admitting CIRP and dismissed the appeals. The Tribunal held that insolvency proceedings for a land-owning subsidiary may be initiated notwithstanding a pending CIRP of the developer/holding company, and reiterated that consolidation of CIRPs of interconnected companies managed by the same management is permissible to maximize asset value and protect homebuyers' interests. Inclusion of the land-owning entity in the consolidated CIRP was a condition precedent to joint CIRP. The RP of the developer was deemed obliged to raise the issue before the CoC and seek initiation under Section 7 to achieve consolidated CIRP. No illegality was found in the impugned order, which is therefore affirmed.
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