New Delhi: Supreme Court on Tuesday stayed an order of NCLAT permitting IndusInd Bank to initiate corporate insolvency proceedings in the Lotus 300 housing project in Noida, even after it was completed with contributions from homebuyers after the corporate debtor abandoned the project.
She complained that though homebuyers constituted 98% of the Committee of Creditors, the insolvency resolution professional (IRP) has ousted them from proceedings. An angry bench of CJI Kant and Justices Joymalya Bagchi and Vipul M Pancholi asked IndusInd that “for recovering a petty amount of Rs 35 crore, you want the homebuyers…