The National Company Law Tribunal (NCLT) Chandigarh Bench has admitted an insolvency petition against Primezone Developers Private Limited, holding that homebuyers qualify as financial creditors under the Insolvency and Bankruptcy Code, 2016 (IBC) and that the developer had committed default in respect of claims aggregating to ₹6.76 crore.
The petition was filed jointly by 33 allottees led by Mr. Sandeep Turan under Section 7 of the IBC seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the real estate developer. The allottees had booked plots in the Prime City-Assandh project situated in Sector-10, Assandh, Karnal, Haryana, and had paid substantial amounts pursuant to allotment letters…