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NCLAT affirmed admission of the Section 7 application, holding the Corporate Debtor committed default and the absence of an Occupation Certificate does not excuse non-handover of possession where the Corporate Debtor has not completed construction and allottees have paid consideration. The Tribunal rejected the Corporate Debtor's plea that non-receipt of OC absolves its obligation, noting contractual timelines and limited interruption did not amount to force majeure. Given prolonged noncompletion and the need for statutory insolvency resolution, the CIRP was ordered to proceed. The interim order of 02.07.2024 is discharged and that period is excluded from the CIRP timeline. The Resolution Professional shall issue Form G and take steps for early conclusion; appeal dismissed.
NCLAT affirmed admission of the Section 7 application, holding the Corporate Debtor committed default and the absence of an Occupation Certificate does not excuse non-handover of possession where the Corporate Debtor has not completed construction and allottees have paid consideration. The Tribunal rejected the Corporate Debtor's plea that non-receipt of OC absolves its obligation, noting contractual timelines and limited interruption did not amount to force majeure. Given prolonged noncompletion and the need for statutory insolvency resolution, the CIRP was ordered to proceed. The interim order of 02.07.2024 is discharged and that period is excluded from the CIRP timeline. The Resolution Professional shall issue Form G and take steps for early conclusion; appeal dismissed.
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