Joint Insolvency Applications in Real Estate and Fulfillment of Threshold under IBC: Limitation and Validity of Claims

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.... PRINCIPAL BENCH , NEW DELHI Case Background The judgment in question revolves around three appeals filed against an order by the National Company Law Tribunal (NCLT), New Delhi, which declared an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) as maintainable​​. The appeals were filed by corporate entities involved in a real estate project, who were responden....

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....re of the transactions and agreements involved in the real estate project. The collaboration agreements and the subsequent development of the project were intricately linked among the three appellants. This interconnection was deemed sufficient to treat the joint application as maintainable. The Tribunal relied on precedents like the MRS. MAMATHA VERSUS AMB INFRABUILD PVT. LTD. & ORS. - 2019 (1) T....

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....imitation and Validity of Claims: The Tribunal refuted the argument that claims barred by limitation should not be counted towards the number of allottees. It highlighted that the continuous breach of contract, in this case, led to a continuous cause of action, thereby extending the limitation period. This was in line with Section 22 of the Limitation Act and the principles laid down in the SAMRUD....