https://www.taxtmi.com/caselaws?id=785997 A joint Section 7 insolvency petition by real estate allottees was maintainable against two closely connected corporate debtors where the project was treated as an integrated development and the documents showed common participation. The 100-allottee threshold under the second proviso to Section 7(1) was assessed on the filing date, and refiling changes made while defects were being cured did not vitiate the petition. Possession could not negate financial debt or default absent completion and the required occupancy-related formalities; as substantial construction and lawful completion certificates were lacking, default remained established and the insolvency admission was sustained. en-us Mon, 02 Feb 2026 00:00:00 +0530 Wed, 04 Feb 2026 08:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785997 A joint Section 7 insolvency petition by real estate allottees was maintainable against two closely connected corporate debtors where the project was treated as an integrated development and the documents showed common participation. The 100-allottee threshold under the second proviso to Section 7(1) was assessed on the filing date, and refiling changes made while defects were being cured did not vitiate the petition. Possession could not negate financial debt or default absent completion and the required occupancy-related formalities; as substantial construction and lawful completion certificates were lacking, default remained established and the insolvency admission was sustained. Case-Laws IBC Mon, 02 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785997