https://www.taxtmi.com/caselaws?id=462793 The Bombay HC addressed redevelopment rights of society members during a moratorium under Section 14 of the IBC affecting developer AA Estates. The court rejected the Resolution Professional's argument that free sale component rights could be delinked from Development Agreement obligations. The HC held that while AA Estates undergoes Corporate Insolvency Resolution Process with uncertain outcomes potentially leading to liquidation, society members cannot remain indefinitely without redeveloped homes or transit rent, forced to bear costs that AA Estates was obligated to pay. Finding prima facie case established, balance of convenience favoring petitioners, and irretrievable prejudice to society members without immediate relief, the court granted interim relief. The HC emphasized that writ courts possess authority to fashion appropriate interim relief when circumstances urgently demand intervention, despite IBC moratorium provisions. en-us Thu, 21 Mar 2024 00:00:00 +0530 Wed, 16 Jul 2025 23:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462793 The Bombay HC addressed redevelopment rights of society members during a moratorium under Section 14 of the IBC affecting developer AA Estates. The court rejected the Resolution Professional's argument that free sale component rights could be delinked from Development Agreement obligations. The HC held that while AA Estates undergoes Corporate Insolvency Resolution Process with uncertain outcomes potentially leading to liquidation, society members cannot remain indefinitely without redeveloped homes or transit rent, forced to bear costs that AA Estates was obligated to pay. Finding prima facie case established, balance of convenience favoring petitioners, and irretrievable prejudice to society members without immediate relief, the court granted interim relief. The HC emphasized that writ courts possess authority to fashion appropriate interim relief when circumstances urgently demand intervention, despite IBC moratorium provisions. Case-Laws Indian Laws Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462793