https://www.taxtmi.com/caselaws?id=774775 The NCLAT set aside the NCLT order admitting a Section 7 application filed by eight homebuyers in 2019. Following the IBC Amendment Act 2020, which required homebuyers to constitute either 100 allottees or 10% of total unit holders, the original application failed to meet the threshold requirements. The SC upheld the amendment in Manish Kumar case, making compliance mandatory. The NCLAT held the petition stood withdrawn under the third proviso to Section 7(1). However, the appellant was bound by its settlement proposal to allow unit holders to withdraw deposits with interest within 60 days and revive cancelled allotments upon payment of balance consideration. en-us Tue, 08 Jul 2025 00:00:00 +0530 Sat, 12 Jul 2025 11:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774775 The NCLAT set aside the NCLT order admitting a Section 7 application filed by eight homebuyers in 2019. Following the IBC Amendment Act 2020, which required homebuyers to constitute either 100 allottees or 10% of total unit holders, the original application failed to meet the threshold requirements. The SC upheld the amendment in Manish Kumar case, making compliance mandatory. The NCLAT held the petition stood withdrawn under the third proviso to Section 7(1). However, the appellant was bound by its settlement proposal to allow unit holders to withdraw deposits with interest within 60 days and revive cancelled allotments upon payment of balance consideration. Case-Laws IBC Tue, 08 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774775