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        Case ID :
        IBC

        Threshold for a class of allottees requires proof of financial...

        Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineffective.

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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.
                                Threshold for a class of allottees requires proof of financial debt and corresponding default; the petitioners established payment for 103 units and non-delivery, so the initiation of insolvency proceedings was justified and the petition was maintainable. Possession letters and notional delivery were found legally ineffective because tripartite sublease execution was a precondition to lawful physical delivery under the lease documentation; several possession letters related to unrelated floors or unexecuted subleases and thus carried no legal import, a conclusion supported by an independent Observer's report. Consequently, admission of the company petition was upheld and appeals dismissed.
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