Adjudicating authority's order admitting CIRP affirmed; consolidation of interconnected companies' CIRPs allowed; RP must invoke Section 7 for joint CIRP

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....The NCLAT affirmed the adjudicating authority's order admitting CIRP and dismissed the appeals. The Tribunal held that insolvency proceedings for a land-owning subsidiary may be initiated notwithstanding a pending CIRP of the developer/holding company, and reiterated that consolidation of CIRPs of interconnected companies managed by the same management is permissible to maximize asset value and protect homebuyers' interests. Inclusion of the land-owning entity in the consolidated CIRP was a condition precedent to joint CIRP. The RP of the developer was deemed obliged to raise the issue before the CoC and seek initiation under Section 7 to achieve consolidated CIRP. No illegality was found in the impugned order, which is therefore affirmed.....