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The SC affirmed the NCLAT's conclusion that the appellants were speculative investors and upheld the orders setting aside admission of the Section 7 IBC applications, thereby denying initiation of CIRP at their instance. The Court further held the Ordinance/Amendment Act introducing threshold requirements for allottee-initiated Section 7 petitions is applicable to the facts and, to that extent, set aside the first impugned order. The appellants remain at liberty to pursue alternative remedies before appropriate fora; any such proceedings will not be barred by limitation. The appeals are disposed of accordingly.
The SC affirmed the NCLAT's conclusion that the appellants were speculative investors and upheld the orders setting aside admission of the Section 7 IBC applications, thereby denying initiation of CIRP at their instance. The Court further held the Ordinance/Amendment Act introducing threshold requirements for allottee-initiated Section 7 petitions is applicable to the facts and, to that extent, set aside the first impugned order. The appellants remain at liberty to pursue alternative remedies before appropriate fora; any such proceedings will not be barred by limitation. The appeals are disposed of accordingly.
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