“The Society is not a party to the financial transaction forming the substratum of the Section 7 application. Hence, no statutory right of appeal inheres in the appellant,” it said, adding that the NCLAT’s decision absence of locus standi rests on sound legal footing. “Permitting such intervention would undermine the expeditious and structured insolvency framework envisaged under the Code,” it said, adding that this Court has, time and again, been called upon to protect the rights of homebuyers navigating the turbulent waters of India’s real estate sector.
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
