https://www.taxtmi.com/caselaws?id=445891 NCLAT Principal Bench upheld maintainability of joint Section 7 application against three separate corporate entities involved in a common real estate project. The tribunal held that all three companies were intrinsically interwoven with the project, making joint application permissible as resolution would be impossible without all entities. Regarding threshold requirements, NCLAT followed SC precedent in Manish Kumar, ruling that Rs. 1 crore default need not exist against each applicant individually - collective default suffices. The tribunal clarified that limitation periods for some applicants being expired does not affect maintainability if overall default exceeds threshold and is within limitation. Appeal dismissed, confirming Section 7 application's maintainability. en-us Fri, 17 Nov 2023 00:00:00 +0530 Tue, 21 Nov 2023 20:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445891 NCLAT Principal Bench upheld maintainability of joint Section 7 application against three separate corporate entities involved in a common real estate project. The tribunal held that all three companies were intrinsically interwoven with the project, making joint application permissible as resolution would be impossible without all entities. Regarding threshold requirements, NCLAT followed SC precedent in Manish Kumar, ruling that Rs. 1 crore default need not exist against each applicant individually - collective default suffices. The tribunal clarified that limitation periods for some applicants being expired does not affect maintainability if overall default exceeds threshold and is within limitation. Appeal dismissed, confirming Section 7 application's maintainability. Case-Laws Insolvency and Bankruptcy Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445891