The Bombay High Court has ruled that the pendency of Corporate Insolvency Resolution Proceedings (CIRP) against a developer or land holder cannot be used as a ground to deny or indefinitely postpone deemed conveyance proceedings under the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA).
The bench of Justice Sandeep V. Marne has observed that the statutory obligation to convey title in favour of flat purchasers survives insolvency proceedings and is not overridden by the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC).
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The bench set aside an order of the…