https://www.taxtmi.com/caselaws?id=751057 Under the Insolvency and Bankruptcy Code, the terms "allottee" and "real estate project" take their meaning from the Real Estate (Regulation and Development) Act, and the Section 7 threshold must be satisfied project-wise by allottees of the same real estate project. Where the record showed multiple separately registered projects within a township, with distinct sanctioned plans and RERA registrations, allottees from different projects could not be aggregated to meet the second proviso to Section 7(1). On that basis, the Section 7 application was not maintainable as filed, and dismissal of the insolvency petition was upheld. en-us Mon, 01 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 06:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751057 Under the Insolvency and Bankruptcy Code, the terms "allottee" and "real estate project" take their meaning from the Real Estate (Regulation and Development) Act, and the Section 7 threshold must be satisfied project-wise by allottees of the same real estate project. Where the record showed multiple separately registered projects within a township, with distinct sanctioned plans and RERA registrations, allottees from different projects could not be aggregated to meet the second proviso to Section 7(1). On that basis, the Section 7 application was not maintainable as filed, and dismissal of the insolvency petition was upheld. Case-Laws Insolvency and Bankruptcy Mon, 01 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751057