https://www.taxtmi.com/caselaws?id=414126 Homebuyers in an unregistered project wing sought to invoke Section 7 of the Insolvency and Bankruptcy Code, 2016 on the basis of allotment letters and payments for flats in Wing E. The Tribunal's analysis turned on whether the applicants could establish the status of allottees under the Real Estate (Regulation and Development) Act, 2016 and thereby satisfy the proviso to Section 7 requiring the prescribed threshold of allottees. On the facts stated, the applicants failed to establish the required status and threshold for initiating insolvency proceedings, and the Section 7 petition was held not maintainable and rejected. en-us Tue, 05 Oct 2021 00:00:00 +0530 Thu, 28 Oct 2021 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414126 Homebuyers in an unregistered project wing sought to invoke Section 7 of the Insolvency and Bankruptcy Code, 2016 on the basis of allotment letters and payments for flats in Wing E. The Tribunal's analysis turned on whether the applicants could establish the status of allottees under the Real Estate (Regulation and Development) Act, 2016 and thereby satisfy the proviso to Section 7 requiring the prescribed threshold of allottees. On the facts stated, the applicants failed to establish the required status and threshold for initiating insolvency proceedings, and the Section 7 petition was held not maintainable and rejected. Case-Laws Insolvency and Bankruptcy Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414126