The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines.
Brief Facts
The case involves the adjudication of four appeals filed by multiple appellants, primarily home buyers, who had invested in a real estate project named “Earth Iconic” developed by Earth Infrastructure Ltd. (EIL). The appellants had paid a substantial amount towards the purchase of units in the project….
