https://www.taxtmi.com/caselaws?id=403344 A section 7 insolvency petition by two homebuyers was found not maintainable because the statutory threshold for filing as a class of financial creditors was not met. The tribunal further noted that insolvency proceedings cannot be used as a recovery mechanism or to enforce a real estate regulatory refund order when the admission prerequisites under insolvency law are otherwise absent. The filing was therefore treated as an impermissible attempt to use the insolvency forum for recovery, and the petition was dismissed, leaving the petitioners to pursue other remedies available in law. en-us Mon, 04 Jan 2021 00:00:00 +0530 Wed, 30 Oct 2024 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403344 A section 7 insolvency petition by two homebuyers was found not maintainable because the statutory threshold for filing as a class of financial creditors was not met. The tribunal further noted that insolvency proceedings cannot be used as a recovery mechanism or to enforce a real estate regulatory refund order when the admission prerequisites under insolvency law are otherwise absent. The filing was therefore treated as an impermissible attempt to use the insolvency forum for recovery, and the petition was dismissed, leaving the petitioners to pursue other remedies available in law. Case-Laws IBC Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403344