https://www.taxtmi.com/caselaws?id=771567 A home-buyer Section 7 application was held within limitation where the corporate debtor's audited balance sheet treated customer advances as current liabilities, and its balance confirmation acknowledged the dues; the later filing was not defeated by withdrawal of an earlier application, especially with COVID-19 exclusion applied. Allegations of collusion and dummy allotment were rejected because inter se shareholder disputes could not displace the home-buyers' statutory remedy, and the stalled project with long-delayed possession supported the claim. A promoter settlement proposal could not override the admitted insolvency process, since the CoC's rejection was neither arbitrary nor irrational. en-us Tue, 20 May 2025 00:00:00 +0530 Wed, 28 May 2025 08:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771567 A home-buyer Section 7 application was held within limitation where the corporate debtor's audited balance sheet treated customer advances as current liabilities, and its balance confirmation acknowledged the dues; the later filing was not defeated by withdrawal of an earlier application, especially with COVID-19 exclusion applied. Allegations of collusion and dummy allotment were rejected because inter se shareholder disputes could not displace the home-buyers' statutory remedy, and the stalled project with long-delayed possession supported the claim. A promoter settlement proposal could not override the admitted insolvency process, since the CoC's rejection was neither arbitrary nor irrational. Case-Laws IBC Tue, 20 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771567