NCLT Admits CIRP for Real Estate Project; Tribunal Emphasizes Mere Fund Deposit Can't Halt Process; CoC to Prioritize Homebuyers.

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....Initiation of CIRP - FINANCIAL CREDITORS - Home buyers - NCLT admitted the application - Appellant has submitted that they are ready to deposit an amount of amount - by mere depositing the said amount, the CIRP cannot be set aside. We are quite conscious that in the real estate Projects, it is the Homebuyers, who are the major sufferer. - present is a case where order initiating CIRP need no interference. Consequently, the CoC has to be constituted to find out the ways and means to complete the Project, so that interest of the Homebuyers be firstly fulfilled. - AT....