National Company Law Tribunal, New Delhi: In a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 alleging delays in possession in “Raheja Shilas Low Rise” despite payments by a group of 43 homebuyers, a Division bench of Ramalingam Sudhakar, CJ., (President) and Avinash K. Srivastava (Technical Member), admitted the insolvency petition under Section 7 of the IBC and directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Raheja Developers Limited.
Brief Facts
In the instant matter, the Corporate Debtor (respondent) approached the applicants, a group…
