https://www.taxtmi.com/caselaws?id=396475 Where contractual possession was linked to fulfilment of specified preconditions, including fire safety approval, the possession period was to be computed from the date that approval was obtained. Because the project could not commence until that statutory approval was in place, delay in handing over the unit was not attributable to the corporate debtor. On those facts, the allottee's termination did not establish default, and a section 7 insolvency trigger was not made out. The result was that the refusal to initiate corporate insolvency resolution process was upheld. en-us Wed, 26 Feb 2020 00:00:00 +0530 Tue, 07 Jul 2020 11:25:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396475 Where contractual possession was linked to fulfilment of specified preconditions, including fire safety approval, the possession period was to be computed from the date that approval was obtained. Because the project could not commence until that statutory approval was in place, delay in handing over the unit was not attributable to the corporate debtor. On those facts, the allottee's termination did not establish default, and a section 7 insolvency trigger was not made out. The result was that the refusal to initiate corporate insolvency resolution process was upheld. Case-Laws Insolvency and Bankruptcy Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396475