Unit Holders' Petitions Dismissed; NCLAT Stresses Swift CIRP Over Proposed Scheme in Insolvency Case.

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....Imitation of CIRP - Admissibility of Intervention Petition - Homebuyers - Several intervention petitions were filed by unit holders in the project, seeking to dismiss the main company petition. These petitions were dismissed as well, with the NCLAT noting that the petitions were attempts to delay the CIRP process. - Additionally, the corporate debtor filed a scheme u/s 230 of the Companies Act, proposing to complete the project, arguing that the scheme should defer the Section 7 proceedings. However, the NCLAT found that the pending scheme could not halt the Section 7 application, emphasizing the need for an expeditious resolution as per the Supreme Court's directives.....