https://www.taxtmi.com/caselaws?id=784525 Maintainability of a Section 7 IBC petition was examined in the context of CIRP initiation by homebuyers as financial creditors, with the dispute centring on whether the minimum threshold of allottees was met. The respondents asserted that 39 financial creditors had filed the original application and that the project comprised 170 units, with 20 real estate units allotted in Phase II, and therefore the statutory threshold was satisfied. Given the delay already caused and the lack of progress for two years, the matter was directed to be heard and disposed of expeditiously by the NCLT. The civil appeal was dismissed. en-us Mon, 25 Aug 2025 00:00:00 +0530 Wed, 07 Jan 2026 08:03:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784525 Maintainability of a Section 7 IBC petition was examined in the context of CIRP initiation by homebuyers as financial creditors, with the dispute centring on whether the minimum threshold of allottees was met. The respondents asserted that 39 financial creditors had filed the original application and that the project comprised 170 units, with 20 real estate units allotted in Phase II, and therefore the statutory threshold was satisfied. Given the delay already caused and the lack of progress for two years, the matter was directed to be heard and disposed of expeditiously by the NCLT. The civil appeal was dismissed. Case-Laws IBC Mon, 25 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784525