Admission into CIRP based on admitted debt and default; homebuyers' society lacks locus to intervene or appeal

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....Admission into insolvency resolution was upheld where the creditor showed existence of financial debt and occurrence of default; the court confined the mandatory inquiry to these elements, found admitted defaults and breach of restructuring sufficient, and rejected the narrow Vidarbha exception as inapplicable, resulting in initiation of CIRP. A homebuyers' society lacked locus to intervene or appeal because pre-admission proceedings are in personam, the society was neither a financial nor operational creditor and produced no representative mandate, therefore it had no statutory right to be heard and no appellate standing.....