https://www.taxtmi.com/caselaws?id=753483 NCLAT dismissed the appeal challenging NCLT's admission of Section 7 application by real estate allottees. The tribunal held that the threshold of 100 allottees was fulfilled, clarifying that the number of allottees, not financial creditors, determines the threshold. The court found no valid possession was given to allottees as occupancy certificates remained pending with Greater Noida Authority. The tribunal rejected appellant's arguments to delete 23 units from applicants and exclude 36 unitholders claiming assured returns. The appeal was dismissed with time exclusion from interim order period. en-us Fri, 31 May 2024 00:00:00 +0530 Tue, 04 Jun 2024 07:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753483 NCLAT dismissed the appeal challenging NCLT's admission of Section 7 application by real estate allottees. The tribunal held that the threshold of 100 allottees was fulfilled, clarifying that the number of allottees, not financial creditors, determines the threshold. The court found no valid possession was given to allottees as occupancy certificates remained pending with Greater Noida Authority. The tribunal rejected appellant's arguments to delete 23 units from applicants and exclude 36 unitholders claiming assured returns. The appeal was dismissed with time exclusion from interim order period. Case-Laws Insolvency and Bankruptcy Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753483