https://www.taxtmi.com/caselaws?id=397753 The court upheld the initiation of the corporate insolvency resolution process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code. It established a project-specific approach for real estate companies, allowing the promoter to act as a financial creditor to ensure project completion within a specified timeframe. The judgment emphasized the principle of a "Reverse Corporate Insolvency Resolution Process" tailored for real estate projects, focusing on project-specific resolutions and balancing the interests of allottees and financial institutions. en-us Wed, 05 Feb 2020 00:00:00 +0530 Fri, 28 Aug 2020 14:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397753 The court upheld the initiation of the corporate insolvency resolution process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code. It established a project-specific approach for real estate companies, allowing the promoter to act as a financial creditor to ensure project completion within a specified timeframe. The judgment emphasized the principle of a "Reverse Corporate Insolvency Resolution Process" tailored for real estate projects, focusing on project-specific resolutions and balancing the interests of allottees and financial institutions. Case-Laws Insolvency and Bankruptcy Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397753