Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
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