https://www.taxtmi.com/caselaws?id=752674 NCLAT dismissed an appeal by homebuyers seeking intervention in CIRP proceedings for a real estate project. The appellants held 102 units in Festival City Project and sought to intervene in the company petition. NCLT had admitted a Section 7 application, which SC affirmed. NCLAT held that a pending Section 230 scheme petition by corporate debtor cannot halt Section 7 proceedings. The court noted RERA registration was cancelled and title disputes existed. NCLAT found no error in NCLT's rejection of the intervention petition, ruling that Section 7 applications must proceed as per law regardless of parallel proceedings. en-us Wed, 15 May 2024 00:00:00 +0530 Thu, 16 May 2024 07:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752674 NCLAT dismissed an appeal by homebuyers seeking intervention in CIRP proceedings for a real estate project. The appellants held 102 units in Festival City Project and sought to intervene in the company petition. NCLT had admitted a Section 7 application, which SC affirmed. NCLAT held that a pending Section 230 scheme petition by corporate debtor cannot halt Section 7 proceedings. The court noted RERA registration was cancelled and title disputes existed. NCLAT found no error in NCLT's rejection of the intervention petition, ruling that Section 7 applications must proceed as per law regardless of parallel proceedings. Case-Laws Insolvency and Bankruptcy Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752674