https://www.taxtmi.com/highlights?id=92159 The NCLAT affirmed the adjudicating authority's order admitting CIRP and dismissed the appeals. The Tribunal held that insolvency proceedings for a land-owning subsidiary may be initiated notwithstanding a pending CIRP of the developer/holding company, and reiterated that consolidation of CIRPs of interconnected companies managed by the same management is permissible to maximize asset value and protect homebuyers' interests. Inclusion of the land-owning entity in the consolidated CIRP was a condition precedent to joint CIRP. The RP of the developer was deemed obliged to raise the issue before the CoC and seek initiation under Section 7 to achieve consolidated CIRP. No illegality was found in the impugned order, which is therefore affirmed. en-us Wed, 03 Sep 2025 08:19:26 +0530 Wed, 03 Sep 2025 08:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=92159 The NCLAT affirmed the adjudicating authority's order admitting CIRP and dismissed the appeals. The Tribunal held that insolvency proceedings for a land-owning subsidiary may be initiated notwithstanding a pending CIRP of the developer/holding company, and reiterated that consolidation of CIRPs of interconnected companies managed by the same management is permissible to maximize asset value and protect homebuyers' interests. Inclusion of the land-owning entity in the consolidated CIRP was a condition precedent to joint CIRP. The RP of the developer was deemed obliged to raise the issue before the CoC and seek initiation under Section 7 to achieve consolidated CIRP. No illegality was found in the impugned order, which is therefore affirmed. Highlights IBC Wed, 03 Sep 2025 08:19:26 +0530 https://www.taxtmi.com/highlights?id=92159