https://www.taxtmi.com/caselaws?id=762156 A person who is neither an allottee nor otherwise directly concerned with the real estate project lacks locus standi to challenge admission of a Section 7 insolvency application filed by homebuyers of that project. The statutory threshold for filing by allottees must be computed only with reference to allottees of the same real estate project, not unrelated projects or components. On the facts, the residential component was treated as a distinct project, and the application filed by 29 allottees out of 255 residential units satisfied the 10% threshold. The admission of the insolvency application was therefore left undisturbed. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 14:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762156 A person who is neither an allottee nor otherwise directly concerned with the real estate project lacks locus standi to challenge admission of a Section 7 insolvency application filed by homebuyers of that project. The statutory threshold for filing by allottees must be computed only with reference to allottees of the same real estate project, not unrelated projects or components. On the facts, the residential component was treated as a distinct project, and the application filed by 29 allottees out of 255 residential units satisfied the 10% threshold. The admission of the insolvency application was therefore left undisturbed. Case-Laws IBC Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762156