https://www.taxtmi.com/caselaws?id=778510 NCLAT dismissed the appeal and upheld admission of the Section 7 application, holding the corporate debtor defaulted in handing over possession despite arguing lack of Occupation Certificate. Relying on SC precedent, the tribunal found an allottee who paid in full may initiate Section 7 and the debtor cannot avoid liability by failing to complete construction or obtain occupancy clearance. Interim stay was discharged, the period from the stay excluded from CIRP timetable, and the resolution professional directed to proceed with Form G and expedite the CIRP for early conclusion. en-us Fri, 29 Aug 2025 00:00:00 +0530 Thu, 18 Sep 2025 08:30:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778510 NCLAT dismissed the appeal and upheld admission of the Section 7 application, holding the corporate debtor defaulted in handing over possession despite arguing lack of Occupation Certificate. Relying on SC precedent, the tribunal found an allottee who paid in full may initiate Section 7 and the debtor cannot avoid liability by failing to complete construction or obtain occupancy clearance. Interim stay was discharged, the period from the stay excluded from CIRP timetable, and the resolution professional directed to proceed with Form G and expedite the CIRP for early conclusion. Case-Laws IBC Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778510