https://www.taxtmi.com/caselaws?id=759417 NCLT Delhi dismissed intervention applications filed by companies holding units in a corporate debtor's project during insolvency proceedings under Section 7 of IBC. The tribunal held that IBC contains no provisions for third-party intervention at pre-admission stage, particularly after financial creditors' arguments concluded. The applicants' scheme of arrangement under Section 230 of Companies Act could not override IBC proceedings. The tribunal found the applications were filed to delay proceedings and would prejudice individual allottees who filed the main petition, emphasizing that IBC only requires ascertaining financial debt existence and default. en-us Tue, 27 Feb 2024 00:00:00 +0530 Mon, 30 Sep 2024 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759417 NCLT Delhi dismissed intervention applications filed by companies holding units in a corporate debtor's project during insolvency proceedings under Section 7 of IBC. The tribunal held that IBC contains no provisions for third-party intervention at pre-admission stage, particularly after financial creditors' arguments concluded. The applicants' scheme of arrangement under Section 230 of Companies Act could not override IBC proceedings. The tribunal found the applications were filed to delay proceedings and would prejudice individual allottees who filed the main petition, emphasizing that IBC only requires ascertaining financial debt existence and default. Case-Laws Companies Law Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759417