https://www.taxtmi.com/caselaws?id=426264 Non-delivery of possession in a homebuyer real estate dispute was treated as a continuing default, so the section 7 application was within limitation. The homebuyer class filing requirement was satisfied because 26 allottees out of 69 met the statutory threshold for collective invocation by financial creditors. Internal marketing or agency arrangements could not defeat liability where the builder-buyer agreements named the corporate debtor as developer, payments were acknowledged, and the transaction showed default in respect of incomplete flats. The petitioners were recognised as genuine homebuyer financial creditors, and initiation of CIRP was justified, with admission of the insolvency application followed by moratorium. en-us Tue, 02 Aug 2022 00:00:00 +0530 Wed, 10 Aug 2022 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426264 Non-delivery of possession in a homebuyer real estate dispute was treated as a continuing default, so the section 7 application was within limitation. The homebuyer class filing requirement was satisfied because 26 allottees out of 69 met the statutory threshold for collective invocation by financial creditors. Internal marketing or agency arrangements could not defeat liability where the builder-buyer agreements named the corporate debtor as developer, payments were acknowledged, and the transaction showed default in respect of incomplete flats. The petitioners were recognised as genuine homebuyer financial creditors, and initiation of CIRP was justified, with admission of the insolvency application followed by moratorium. Case-Laws Insolvency and Bankruptcy Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426264