https://www.taxtmi.com/caselaws?id=313385 The NCLAT ruled that the settlement between the Operational Creditor and the Director, executed without notifying the Home Buyers Association, lacked procedural fairness. The appellant's request for project-wise CIRP initiation was dismissed, emphasizing the need to meet the threshold of one hundred allottees under Section 7(1) of the IBC. The court restored the appeal, underscoring the necessity for appellants to satisfy statutory requirements for CIRP initiation. The judgment highlighted the importance of due process, adherence to legal criteria, and distinct party interests in insolvency proceedings, ensuring compliance with the IBC framework. en-us Fri, 17 Feb 2023 00:00:00 +0530 Wed, 10 Apr 2024 08:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313385 The NCLAT ruled that the settlement between the Operational Creditor and the Director, executed without notifying the Home Buyers Association, lacked procedural fairness. The appellant's request for project-wise CIRP initiation was dismissed, emphasizing the need to meet the threshold of one hundred allottees under Section 7(1) of the IBC. The court restored the appeal, underscoring the necessity for appellants to satisfy statutory requirements for CIRP initiation. The judgment highlighted the importance of due process, adherence to legal criteria, and distinct party interests in insolvency proceedings, ensuring compliance with the IBC framework. Case-Laws Insolvency and Bankruptcy Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313385