Financial Creditors who are Allottees under RERA Required to meet Threshold Criteria For Filing a Section 7 application under IBC: NCLAT [Read Order]

The Appellate Tribunal held that the CIRP application is non-maintainable as the Appellant failed to meet the prescribed criteria under Section 7 of IBC
By Yogitha S. Yogesh - On July 14, 2024 12:22 am - 2 mins read
NCLAT - NCLAT Delhi - IBC - Insolvency and Bankruptcy Code - Real Estate - National Company - TAXSCAN

The New Delhi bench of the National Company Law Appellate Tribunal (“ NCLAT ”) held that Financial Creditors who are Allottees under the Real Estate (Regulation and Development) Act, 2016 (“RERA”) are required to meet threshold criteria for filing a section 7 application under Insolvency and Bankruptcy Code, 2016 (“IBC”). Orris Infrastructures Pvt Ltd, the…

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