https://www.taxtmi.com/highlights?id=96591 Threshold for a class of allottees requires proof of financial debt and corresponding default; the petitioners established payment for 103 units and non-delivery, so the initiation of insolvency proceedings was justified and the petition was maintainable. Possession letters and notional delivery were found legally ineffective because tripartite sublease execution was a precondition to lawful physical delivery under the lease documentation; several possession letters related to unrelated floors or unexecuted subleases and thus carried no legal import, a conclusion supported by an independent Observer's report. Consequently, admission of the company petition was upheld and appeals dismissed. en-us Wed, 04 Feb 2026 08:24:22 +0530 Wed, 04 Feb 2026 08:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96591 Threshold for a class of allottees requires proof of financial debt and corresponding default; the petitioners established payment for 103 units and non-delivery, so the initiation of insolvency proceedings was justified and the petition was maintainable. Possession letters and notional delivery were found legally ineffective because tripartite sublease execution was a precondition to lawful physical delivery under the lease documentation; several possession letters related to unrelated floors or unexecuted subleases and thus carried no legal import, a conclusion supported by an independent Observer's report. Consequently, admission of the company petition was upheld and appeals dismissed. Highlights IBC Wed, 04 Feb 2026 08:24:22 +0530 https://www.taxtmi.com/highlights?id=96591