Home buyers' wait ends as NCLAT admits insolvency against defaulting builders who failed to deliver homes despite payments.

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....Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving payments. NCLAT rejected Corporate Debtors' contentions regarding non-fulfillment of 100 allottees threshold, lack of debt and default, pending litigations over land title, and absence of privity of contract between land-owning company and allottees. NCLAT upheld NCLT's admission of insolvency proceedings against Corporate Debtors u/s 7 IBC, initiated by allottees as Financial Creditors. Appeal dismissed, directing Resolution Professional to take steps for project completion via insolvency resolution process.....